Bitcoin Mining to Go Obsolete?



Published
Cardano founder Charles Hoskinson believes that Bitcoin mining should be stopped and that all existing units of the assets should be converted into wrapped Bitcoin.
Why is that?
According to Hoskinson, if Bitcoin’s network is shut down, it can continue to exist as wrapped Bitcoin on other networks. In his view, the industry would not need the proof-of-work consensus mechanism because it is the “gold mine” to get the asset.
The Cardano founder highlighted that Bitcoin’s “gold mine” consumes a lot of energy. Much like Elon Musk, Hoskinson believes that Bitcoin Mining has to stop, and it has to stop now. Bitcoin mining is not a good investment of energy.
Very soon, Bitcoin might cease to exist. And instead, wrapped Bitcoin could prevail. Cardano’s founder believes that wrapped Bitcoin will be massively popular on other blockchain networks in the next five years.
Category
Cryptocurrency Mining
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