EOS Block Producer spotlights its energy efficiency compared to Bitcoin
A new report claims that, while running the Bitcoin network consumes enough power in a year to run Austria’s national grid, EOS is some 66,000-times more efficient than the top ranked cryptos.
EOS Block Producer Genereos has put forward research in a new blog comparing the power consumption profiles of the EOS against the two top cryptocurrencies by market capitalisation, namely Bitcoin and Ethereum.
Unsurprisingly, EOS comes out as by far the most efficient system of the three, with its Delegated Proof of Stake (DPoS) system proving to be less power-hungry by a massive amount compared to the Proof of Work (PoW) methodology that underpins the pioneer cryptocurrencies. However, it’s the sheer size of the gap that is eye-catching.
According to Genereos, which quotes figures created by Digiconomist, Bitcoin’s PoW mechanism – colloquially known as Mining – eats up a whopping 73.1 Terrawatt Hours (TWh) of power every year. This puts it just above the country of Austria on the global power consumption charts, and exceeds the entire electricity use of the African continent. Even worse, Genereos asserts that much of that power is consumed by Chinese miners reliant on heavily polluting coal-powered electricity generation.
Ethereum’s system fares better, with a quoted consumption of close to 19TWh p/a, but still comes nowhere near the numbers claimed for EOS by the blog. The more centralised operations of the dApp network crypto, which relies on just 21 elected Block Producers to maintain it blockchain (with a further 53 standby Producers) is massively more efficient, the report states.
Genereos claims the controversial system – that has recently been accused of leading to collusion between the supposedly independent parties, a worrying development in a delegated system – apparently leads to an daily energy consumption of just 1.8KW for each of the 74 Block Producers. This scales-up to 0.0011 TWh per year, leading the company – which, it needs to be said, has significant skin in this game, you’d presume – to conclude there is a whopping 66,000x efficiency difference (and around 17,000x over Ethereum).
The debate over DPoS in comparison to the Satoshi-centric PoW system will no-doubt rage in the coming years, as it cuts to one of the fundamental philosophical debates in the blockchain world. However, as the eyes of the crypto community increasingly turn to the worrying energy usage profile of Bitcoin in its ‘classic’ form, and what that could mean for the future of it and the environment, figures such as those quoted here will likely become increasingly influential on users – which will presumably grow from the current disappointing figures.