EOS is 66,000 times more energy efficient than Bitcoin (BTC). This is according to what GenerEOS, Sydney’s block producer candidate, said in a new blog post uploaded a few days ago. EOS is one of the largest cryptocurrencies in the market.
Is EOS Energy Efficient?
GenerEOS explains in this post how energy is consumed differently using Proof of Work (PoW) rather than Proof of Stake (PoS) mechanisms. Bitcoin, for example, uses a power hungry consensus algorithm. Miners have to process and confirm transactions solving difficult equations. This consumes a lot of energy, and the cooling systems needed to keep hardware temperatures down consume a huge amount of electricity.
As per the post uploaded by GenerEOS, Bitcoin consumes as much energy as Austria, Chile or Czech Republic.
Ethereum works in a similar way to Bitcoin. Although it is moving towards a full PoS system, it consumes large amounts of power. As GenerEOS shows, Ethereum consumes as much electricity as Iceland.
EOS, instead, is a third generation cryptocurrency. EOS is based on Graphene technology as well as Steemit & Bitshares. However, EOS uses a Delegated Proof of Stake (DPoS) consensus algorithm. This system works in a different way and works very well in all the areas where it is needed.
GenerEOS shows that the network operates with 21 elected Block Producers and 53 standby Block producers. The whole network would have 74 different candidates. The average consumption for each Block Producer is 1,8KW every 24 hours. That means that they use 3195 kWh per day. Finally, each BP consumes 1,137,776 kWh per year or 0.0011 TWh. According to these calculations, EOS is 66,000 times more energy efficient than BTC.
The official press release reads as follows:
“Based on these calculations EOS is 66,000 times more energy efficient than Bitcoin. With these types of results, we can see that EOS (DPoS) is a game changer. Holding itself with low power consumption yet delivering speed with a solid foundation.”
The GenerEOS block producing candidate aims at promoting and supporting a reliable block production. Additionally, it wants to give back block rewards to social causes.
EOS is currently the fifth largest crypto with a market capitalization of $4.64 billion dollars. Each EOS token can be purchased for $5.12 dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.