Collection of sources (articles, essays, twitter threads) debunking the inefficiency narrative of bitcoin’s proof-of-work


Since there is another wave of FUD in the mainstream media going around once again, I would like to collect some material debunking such claims and presenting a more positive narrative and data. In no particular order.

**Mainstream media articles:**

* [The Cost of Crypto Is Turning Miners Towards Green Power](https://www.bloomberg.com/news/articles/2018-02-04/power-hungry-crypto-mines-clean-up-as-cost-of-electricity-grows) by Bloomberg:

> Renewable energy is becoming the preferred way of mining digital currencies like Bitcoin as prices surge and the industry seeks more computing power.

* [Stop worrying about how much energy bitcoin uses](https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591) by Katrina Kelly-Pitou (also published on [phys.org](https://phys.org/news/2018-08-energy-bitcoin.html)):

> I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified.

* [Should Paraguay invest its energy wealth in bitcoin ‘mining’ or fighting poverty?](https://www.theguardian.com/global-development/2018/nov/05/should-paraguay-invest-its-energy-wealth-in-bitcoin-mining-or-fighting-poverty?CMP=share_btn_tw) by TheGuardian:

> “Paraguay today is the only place where there’s abundant energy,” Bareiro enthused. “We can become the centre of global bitcoin mining.”

* [How Bitcoin could drive the clean energy revolution](https://coincenter.org/entry/how-bitcoin-could-drive-the-clean-energy-revolution) by Peter Van Valkenburgh (Coincenter):

> The system’s economic incentives favor clean, renewable, energy.

**Deep-dive into PoW by experts:**

* Excellent 2-part series on proof of work by Hugo Nguyen:

[Part1: The Anatomy of Proof-of-Work](https://bitcointechtalk.com/the-anatomy-of-proof-of-work-98c85b6f6667)

> Using energy burnt to back a block allows us to view immutability objectively. Whereas any non-energy-based method ultimately requires someone’s subjective interpretation of immutability.

* [Part 2: Bitcoin, Chance and Randomness](https://medium.com/@hugonguyen/bitcoin-chance-and-randomness-ba49a6edf933)

> The invention of the modern computer and Monte Carlo simulation in the 20th century allowed us, for the first time, to turn randomness to our advantage. The use of randomness in Bitcoin marked another milestone in this long journey. Randomness, in short, is what backs the “proof” in Proof-of-Work.

* Same author on comparison between PoW and PoS: [Work is Timeless, Stake is Not](https://medium.com/@hugonguyen/work-is-timeless-stake-is-not-554c4450ce18)

> The fact that the cost of PoW mining is irretrievably sunk and accumulates both in the ledger and the mining hardware, is an important feature, not a bug. PoS research is often based on the fundamental misconception that this is a bug and a source of inefficiency.

* Another excellent series on PoW, by LaurenMT:

[Part1: Gravity](https://medium.com/@laurentmt/gravity-10e1a25d2ab2)
[Part2: The Yin and Yang of Bitcoin](https://medium.com/@laurentmt/the-yin-and-yang-of-bitcoin-bf056f3fd58c)
[Part3: Cliffhangers](https://medium.com/@laurentmt/cliffhangers-cb87ed47124e)
[Part4: Electric Money](https://medium.com/@laurentmt/electric-money-e2cd34f78f56)

> My only wish is that this series has convinced you that many aspects of Bitcoin’s Proof of Work are still greatly misunderstood, be it by ignorance or on purpose. This subject is a greenfield remaining to be explored. Don’t be scared to go down the rabbit hole.

* [PoW is Efficient](https://blog.picks.co/pow-is-efficient-aa3d442754d3) by Dan Held

> In this article, I explore how everything is energy, money is energy, energy usage is subjective, and PoW’s energy costs relative to existing governance systems.

* Paul Sztorc’s essays:

[Long Live Proof-of-Work, Long Live Mining](http://www.truthcoin.info/blog/pow-and-mining/)
[Nothing is Cheaper than Proof of Work](http://www.truthcoin.info/blog/pow-cheapest/)

> It’s been said that Proof of Work (PoW) “wastes” billions (or whatever) of dollars per year, and/or that it “wastes” energy.

> “Waste” implies a more prudent alternative, and indeed these Anti-Satoshians try propose a “cheaper” way of distributing coins, despite the fact that this goal is nonsensical.

**Good Twitter threads (referencing/complementing/explaining some of the linked works)**:

https://twitter.com/simonlutz21/status/1059882756782592001 (that’s the one that inspired me to make this post, so h/t Simon Lutz)

https://twitter.com/nic__carter/status/1056962474518462464

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