Proof of Work (PoW) in Cryptocurrency: a Complete Guide

<!DOCTYPE html> <html lang="en-US"> <head> <title>Proof of Work (PoW) in Cryptocurrency: a Complete Guide</title> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1" > <meta name="title" content="What is Proof of Work (PoW) in cryptocurrency?" > <meta name="datePublished" content="2024-11-25T16:49:40Z" > <meta name="dateModified" content="2024-11-25T16:49:40Z" > <meta name="news_keywords" content="Personal Finance, Investing, Cryptocurrency" > <meta name="description" content="Understand Proof of Work (PoW), the cryptocurrency consensus mechanism to secure blockchain transactions. 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Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"Proof of Work (PoW) in cryptocurrency: A complete guide","alternativeHeadline":"What is Proof of Work (PoW) in cryptocurrency?","image":{"@type":"ImageObject","url":"https://i.insider.com/61ba29ae43f7e70018dd5ad9?width=1200&format=jpeg","width":1200,"height":900},"name":"What is Proof of Work (PoW) in cryptocurrency?","datePublished":"2024-11-25T16:49:40Z","dateModified":"2024-11-25T16:49:40Z","description":"Understand Proof of Work (PoW), the cryptocurrency consensus mechanism to secure blockchain transactions. Learn how it works and its pros and cons.","keywords":"","articleBody":"Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.Cryptocurrencies, like Bitcoin, are traded through the best cryptocurrency exchanges without the involvement of a central authority. But without a central authority to act as a final arbiter, how do you ensure that nobody manipulates the blockchain? One answer is using Proof of Work (PoW). PoW is a consensus mechanism used to confirm that network participants, called miners, calculate valid alphanumeric codes (hashes) to verify Bitcoin transactions and add the next block to the blockchain. Proof of Work is about creating a positive incentive for people to invest the resources necessary to add valid blocks to a cryptocurrency's blockchain.\"The challenge in a blockchain like Bitcoin is to maintain an agreed transaction record without having a central authority,\" says William J. Knottenbelt, a professor at Imperial College London's Department of Computing. \"So the key question is how a group of peers of similar status can agree upon which of them should be authorized to add to the common transaction record.\"Hashes are complex cryptographic puzzles for crypto miners to solve, also called Bitcoin mining. Mining enables them to add the next block to the blockchain and receive payment in the form of new digital coins and tokens.Unlike gold miners, who use pickaxes to find precious metals, crypto miners use advanced computer systems to solve these complex puzzles and find cryptocurrency. \"Proof of Work is how miners (block publishers) prove to the world that they have put in the necessary work to create a well-formed block of transactions to add to the blockchain,\" says Knottenbelt. \"From the miner's perspective, they are turning the energy they put into the search for valid blocks (for which they typically purchase special high-performance hardware) into money.\"The winning miner receives the reward only after the other systems in the network verify, through the Proof of Work protocol, that the solution is correct and valid.Verification requires serious number crunching, and the equipment miners use must undergo much trial and error before finding the correct hash.\"Proof of work uses a lottery mechanism — miners create candidate blocks of transactions (including a reward for themselves) which must satisfy several strict conditions,\" Knottenbelt explains. \"They then test to see if these conditions are fulfilled. Often, they are not, and the miner has to go back and try again.\"It requires much work because most candidate blocks do not include the correct hash. To ensure that new blocks are produced at regular intervals, the difficulty of the PoW process can increase or decrease.\"The difficulty of the lottery is adjusted periodically so that if blocks are being produced too quickly, then it becomes harder to satisfy the conditions necessary for producing a valid block, and if the blocks are being produced too slowly, then it becomes easier,\" Knottenbelt says.The parties verifying crypto transactions are strongly incentivized to add to its blockchain because publishing a valid block earns a reward for that blockchain's native currency. This can be quite valuable, depending on the blockchain. Bitcoin is the top-performing cryptocurrency in the world that uses Proof of Work. However, the reward for mining Bitcoin is halved every four years. Currently, the reward for mining one block of Bitcoin is 3.125 BTC. Proof of Work arguably provides a higher level of security than other means of consensus, with Bitcoin running for over a decade without a significant outage or compromise. PoW enhances a blockchain's security by requiring significant time and money from miners and other network participants to authenticate transactions. This makes it increasingly less likely that someone would seek to undermine a cryptocurrency's blockchain. \"Security-wise, Proof of Work has empirically been shown to work very well for more than 10 years,\" Knottenbelt says. \"The jury is still out on Proof-of-Stake.\"However, Proof of Work also requires a large amount of electricity. This is something critics of Bitcoin would argue produces too much of an environmental impact to justify its improved security compared to mechanisms such as Proof of Stake.While Proof of Work is most associated with Bitcoin, its sources trace back to 2008, when the pseudonymous Satoshi Nakamoto published the Bitcoin white paper. The concept has been around in the computing world since at least the early 1990s, and the term 'proof of work' is thought to have first surfaced in an article by computer scientists Ari Juels and Markus Jakobsson in 1999.With bitcoin, Nakamoto based the cryptocurrency's proof of work mechanism largely on Hashcash, a denial-of-service countermeasure outlined by Adam Back in 1997. In particular, Nakamoto envisaged Proof of Work to ensure that it becomes exponentially difficult to attack the Bitcoin blockchain as more blocks are added to it.Here are the advantages and disadvantages of PoW:While Proof of Work is popular, another consensus mechanism known as Proof of Stake is also widely used. Instead of verifying the amount of computational work done, proof of stake uses the cryptocurrency block publishers are willing to deposit as insurance against their misbehavior.\"Conceptually this is quite appealing because it short-cuts the step of having to invest in high-performance mining hardware and also the energy related to the use of that hardware,\" Knottenbelt says.However, proponents of Proof of Work argue that Proof of Stake and other consensus mechanisms inevitably lend themselves to some form of centralization, precisely the thing Proof of Work was designed to avoid.\"Proof of Stake is fundamentally centralized,\" says Jimmy Song, a bitcoin author, educator, and developer. \"There's no way to tell which to go with in case of a conflict.\" On the other hand, Proof of Work's major downside largely contributes to excessive energy consumption each year equivalent to the consumption of a nation the size of Thailand. It also produces a large amount of electronic waste in the form of mining units that are discarded for ever more powerful models.While Bitcoin is the most popular cryptocurrency to use Proof of Work, other cryptocurrencies use it as well, such as:Ethereum originally used Proof of Work but later transitioned to using Proof of Stake (PoS). A hash rate is the computational power used by a blockchain network and its miners to determine the amount of calculation that can be performed per second. The higher the hash rate, the greater the number of miners competing to solve complex puzzles to add new blocks. A 51% attack refers to an event in which a group or individual controls over half of the computing power on a blockchain, thus allowing them to potentially manipulate the blockchain's transaction history and harm the network's security. No, Proof of Work is not sustainable. Proof of Work as a consensus mechanism is not considered sustainable in the long term due to its dangerously high energy consumption and carbon footprint. Although Proof of Stake is newer and considered less secure, it has overtaken PoW because it uses significantly less computer power.","articleSection":"Personal Finance, Investing, Cryptocurrency","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is a hash rate?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">A hash rate is the computational power used by a blockchain network and its miners to determine the amount of calculation that can be performed per second. The higher the hash rate, the greater the number of miners competing to solve complex puzzles to add new blocks.  </p>"}},{"@type":"Question","name":"What is a 51% attack?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">A 51% attack refers to an event in which a group or individual controls over half of the computing power on a blockchain, thus allowing them to potentially manipulate the blockchain's transaction history and harm the network's security. </p>"}},{"@type":"Question","name":"Is Proof of Work sustainable?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">No, Proof of Work is not sustainable. Proof of Work as a consensus mechanism is not considered sustainable in the long term due to its dangerously high energy consumption and carbon footprint. 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byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/simon-chandler" >Simon Chandler</a></span> and <span class="" data-e2e-name="Tessa Campbell" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/tessa-campbell" >Tessa Campbell</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/libby-kane" >Libby Kane</a> </div> <div class="byline-updated"> Updated </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-11-25T16:49:40Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-11-25T16:49:40Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="legacy-share" data-load-strategy="interaction" data-location="" > <div class="share-button-dropdown-wrapper"> 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However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/investing/investing-rating-methodology" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate investing products</a> to write unbiased product reviews.</aside> <div class="col-12"> </div> <figure class="figure image-figure-image as-notched" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (1200 / 600))" > <meta itemprop="contentUrl" content="https://i.insider.com/61ba298347814c00190cf102?width=700"/> <img src="https://i.insider.com/61ba298347814c00190cf102?width=700" srcset="https://i.insider.com/61ba298347814c00190cf102?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/61ba298347814c00190cf102?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/61ba298347814c00190cf102?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/61ba298347814c00190cf102?width=1000&format=jpeg&auto=webp 1000w" sizes="(min-width: 1280px) 900px" alt="A photo of two data engineers walking in front of racks of computers." decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Proof of work was the first cryptocurrency consensus mechanism.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > gorodenkoff/Getty </span> </span> </figcaption> </span> </figure> <div class="sticky-toc-content-wrapper"> <aside class="sticky-toc as-aside" data-component-type="sticky-toc"> <nav class="sticky-toc-aside js-sticky-toc-aside"> <menu class="sticky-toc-menu"> <li> <a href="#what-is-proof-of-work?" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > What is Proof of Work? </a> </li> <li> <a href="#where-did-proof-of-work-come-from?" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Where did proof of work come from? </a> </li> <li> <a href="#pros-and-cons" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Pros and cons </a> </li> <li> <a href="#proof-of-work-vs.-proof-of-stake" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Proof of Work vs. Proof of Stake </a> </li> <li> <a href="#cryptocurrencies-using-proof-of-work" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Cryptocurrencies using Proof of Work </a> </li> <li> <a href="#faqs" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </nav> </aside> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li aria-level="1">Proof of Work (PoW) enables transactions to be confirmed and recorded without a central authority.</li> <li aria-level="1">PoW disincentivizes attacks on a crypto's blockchain by making verifying transactions expensive.</li> <li aria-level="1">Proponents of proof of work contend it's more secure than other mechanisms like proof of stake.</li> </ul><p>Cryptocurrencies, like Bitcoin, are traded through the <a href="https://www.businessinsider.com/personal-finance/investing/best-crypto-bitcoin-exchanges" data-analytics-product-module="body_link" rel="">best cryptocurrency exchanges</a> without the involvement of a central authority. But without a central authority to act as a final arbiter, how do you ensure that nobody manipulates the blockchain? One answer is using Proof of Work (PoW). </p><h2 data-toc-label="What is Proof of Work?" id="what-is-proof-of-work?" class="toc-anchor">What is Proof of Work?</h2><p>PoW is a consensus mechanism used to confirm that network participants, called miners, calculate valid alphanumeric codes (hashes) to verify <a href="https://www.businessinsider.com/personal-finance/investing/buy-bitcoin" data-analytics-product-module="body_link" rel="">Bitcoin</a> transactions and add the next block to the blockchain. </p><p>Proof of Work is about creating a positive incentive for people to invest the resources necessary to add valid blocks to a <a href="https://www.businessinsider.com/personal-finance/investing/what-is-cryptocurrency" data-analytics-product-module="body_link" rel="">cryptocurrency's</a> blockchain.</p><p>"The challenge in a <a href="https://www.businessinsider.com/personal-finance/investing/what-is-blockchain" data-analytics-product-module="body_link" rel="">blockchain</a> like Bitcoin is to maintain an agreed transaction record without having a central authority," says William J. Knottenbelt, a professor at Imperial College London's Department of Computing. "So the key question is how a group of peers of similar status can agree upon which of them should be authorized to add to the common transaction record."</p><h3>PoW mining</h3><p>Hashes are complex cryptographic puzzles for crypto miners to solve, also called <a href="https://www.businessinsider.com/personal-finance/investing/bitcoin-mining" data-analytics-product-module="body_link" rel="">Bitcoin mining</a>. Mining enables them to add the next block to the blockchain and receive payment in the form of new digital coins and tokens.</p><p>Unlike gold miners, who use pickaxes to find precious metals, crypto miners use advanced computer systems to solve these complex puzzles and find cryptocurrency. </p><p>"Proof of Work is how miners (block publishers) prove to the world that they have put in the necessary work to create a well-formed block of transactions to add to the blockchain," says Knottenbelt. "From the miner's perspective, they are turning the energy they put into the search for valid blocks (for which they typically purchase special high-performance hardware) into money."</p><p>The winning miner receives the reward only after the other systems in the network verify, through the Proof of Work protocol, that the solution is correct and valid.</p><h3>PoW verification</h3><p>Verification requires serious number crunching, and the equipment miners use must undergo much trial and error before finding the correct hash.</p><p>"Proof of work uses a lottery mechanism — miners create candidate blocks of transactions (including a reward for themselves) which must satisfy several strict conditions," Knottenbelt explains. "They then test to see if these conditions are fulfilled. Often, they are not, and the miner has to go back and try again."</p><p>It requires much work because most candidate blocks do not include the correct hash. To ensure that new blocks are produced at regular intervals, the difficulty of the PoW process can increase or decrease.</p><p>"The difficulty of the lottery is adjusted periodically so that if blocks are being produced too quickly, then it becomes harder to satisfy the conditions necessary for producing a valid block, and if the blocks are being produced too slowly, then it becomes easier," Knottenbelt says.</p><h3>PoW reward</h3><p>The parties verifying crypto transactions are strongly incentivized to add to its blockchain because publishing a valid block earns a reward for that blockchain's native currency. This can be quite valuable, depending on the blockchain. </p><p>Bitcoin is the top-performing cryptocurrency in the world that uses Proof of Work. However, the reward for mining Bitcoin is halved every four years. Currently, the reward for mining one block of Bitcoin is 3.125 BTC. </p><h3>PoW security</h3><p>Proof of Work arguably provides a higher level of security than other means of consensus, with Bitcoin running for over a decade without a significant outage or compromise. </p><p>PoW enhances a blockchain's security by requiring significant time and money from miners and other network participants to authenticate transactions. This makes it increasingly less likely that someone would seek to undermine a cryptocurrency's blockchain. </p><p>"Security-wise, Proof of Work has empirically been shown to work very well for more than 10 years," Knottenbelt says. "The jury is still out on <a href="https://www.businessinsider.com/personal-finance/investing/proof-of-stake" data-analytics-product-module="body_link" rel="">Proof-of-Stake</a>."</p><p>However, Proof of Work also requires a large amount of electricity. This is something critics of Bitcoin would argue produces too much of an environmental impact to justify its improved security compared to mechanisms such as Proof of Stake.</p><div class="myFinance-widget" data-campaign="bi-investing-multi" data-widget-id="6d17b393-ed24-4f46-b026-e40723502d56"> </div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-consent="MARKETING" data-src="https://static.myfinance.com/widget/myFinance.js" data-async="true" data-defer="true"></div> <h2 data-toc-label="Where did proof of work come from?" id="where-did-proof-of-work-come-from?" class="toc-anchor">Where did proof of work come from?</h2><p>While Proof of Work is most associated with Bitcoin, its sources trace back to 2008, when the pseudonymous Satoshi Nakamoto published <a href="https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf" target="_blank" rel="noopener" data-analytics-product-module="body_link">the Bitcoin white paper</a>. The concept has been around in the computing world since at least the early 1990s, and the term 'proof of work' is thought to have first surfaced in an <a href="https://link.springer.com/chapter/10.1007%2F978-0-387-35568-9_18" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link">article</a> by computer scientists Ari Juels and Markus Jakobsson in 1999.</p><p>With bitcoin, Nakamoto based the cryptocurrency's proof of work mechanism largely on Hashcash, a denial-of-service countermeasure outlined by Adam Back in 1997. In particular, Nakamoto envisaged Proof of Work to ensure that it becomes exponentially difficult to attack the Bitcoin blockchain as more blocks are added to it.</p><h2 data-toc-label="Pros and cons" id="pros-and-cons" class="toc-anchor">Pros and cons of Proof of Work</h2><p>Here are the advantages and disadvantages of PoW:</p><h3>Pros of PoW</h3><ul><li>Proven security and resilience</li><li>Decentralized and resistant to censorship</li></ul><h3>Cons of PoW</h3><ul><li>High energy consumption</li><li>Slower transaction speeds cause scalability issues</li><li>Potential risk of a single entity having majority control of the network hash rate (51% attacks)</li></ul><h2 data-toc-label="Proof of Work vs. Proof of Stake" id="proof-of-work-vs.-proof-of-stake" class="toc-anchor">How Proof of Work compares to Proof of Stake</h2><p>While Proof of Work is popular, another consensus mechanism known as Proof of Stake is also widely used. Instead of verifying the amount of computational work done, proof of stake uses the cryptocurrency block publishers are willing to deposit as insurance against their misbehavior.</p><p>"Conceptually this is quite appealing because it short-cuts the step of having to invest in high-performance mining hardware and also the energy related to the use of that hardware," Knottenbelt says.</p><p>However, proponents of <a href="https://www.businessinsider.com/personal-finance/investing/proof-of-stake-vs-proof-of-work" data-analytics-product-module="body_link" rel="">Proof of Work argue that Proof of Stake</a> and other consensus mechanisms inevitably lend themselves to some form of centralization, precisely the thing Proof of Work was designed to avoid.</p><p>"Proof of Stake is fundamentally centralized," says Jimmy Song, a bitcoin author, educator, and developer. "There's no way to tell which to go with in case of a conflict." </p><p>On the other hand, Proof of Work's major downside largely contributes to excessive energy consumption each year equivalent to the consumption of a nation the size of Thailand. It also produces a large amount of electronic waste in the form of mining units that are discarded for ever more powerful models.</p><h2 data-toc-label="Cryptocurrencies using Proof of Work" id="cryptocurrencies-using-proof-of-work" class="toc-anchor">Examples of cryptocurrencies using Proof of Work</h2><p>While Bitcoin is the most popular cryptocurrency to use Proof of Work, other cryptocurrencies use it as well, such as:</p><ul><li>Litecoin</li><li>Dogecoin</li><li>Bitcoin Cash</li><li>Zcash</li><li>Siacoin</li><li>Monero</li></ul><p>Ethereum originally used Proof of Work but later transitioned to using Proof of Stake (PoS). </p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">FAQs about Proof of Work</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is a hash rate? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">A hash rate is the computational power used by a blockchain network and its miners to determine the amount of calculation that can be performed per second. The higher the hash rate, the greater the number of miners competing to solve complex puzzles to add new blocks.  </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is a 51% attack? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">A 51% attack refers to an event in which a group or individual controls over half of the computing power on a blockchain, thus allowing them to potentially manipulate the blockchain's transaction history and harm the network's security. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Is Proof of Work sustainable? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">No, Proof of Work is not sustainable. Proof of Work as a consensus mechanism is not considered sustainable in the long term due to its dangerously high energy consumption and carbon footprint. Although Proof of Stake is newer and considered less secure, it has overtaken PoW because it uses significantly less computer power. </p> </div> </div> </div><iframe data-src="https://products.gobankingrates.com/pub/bcf1f183-92e6-4401-ac5f-d7b47ca8c33c?resize=1&ident=99&targeting[subcategory]=investing&pub_inventory=investing/proof-of-work-pfi-investing" data-indent="99" scrolling="no" frameborder="0" width="100%" style="min-width:300px;max-height:475px;"></iframe> <script async="" type="text/javascript" id="go-banking-resize"> window.addEventListener('message', onGoBankingResize, false); function onGoBankingResize(e) { { if (e.origin === 'https://products.gobankingrates.com' && e.data) { if (e.data.source && e.data.id && undefined !== e.data.height) { var id = 'iframe[data-indent="' + e.data.id + '"]'; var chosenFrame = document.querySelector(id); if (chosenFrame) { var height = e.data.height + 'px'; chosenFrame.style.height = height; } } } } } </script><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/simon-chandler" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="simon-chandler"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/614c9e52c2c9630018f5fa5d?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of writer Simon Chandler."> <noscript> <img class="no-script" src="https://i.insider.com/614c9e52c2c9630018f5fa5d?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/simon-chandler" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Simon Chandler</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Simon Chandler is a technology journalist based in London, UK. His focus resides mainly with cryptocurrencies, consumer tech, AI, big data and social media, although he also writes about finance, politics and culture. He has bylines in such outlets as Forbes, Wired, TechCrunch, the Daily Dot, the Verge, Cointelegraph, Cryptonews, TechRadar, the Sun, RT.com, Guitar World, Bandcamp, the Kenyon Review and Tiny Mix Tapes.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/tessa-campbell" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="tessa-campbell"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6494561e65b9ce0018a46b81?crop=1:1&width=256&format=jpeg&auto=webp" alt="Tessa Campbell"> <noscript> <img class="no-script" src="https://i.insider.com/6494561e65b9ce0018a46b81?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/tessa-campbell" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Tessa Campbell</div> </a> <div class="post-author_title headline-regular">Investing and Retirement Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.</span>Experience<span>Tessa currently reports on all things investing — deep-diving into complex financial topics,  shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.</span><span></span><span>As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.</span>Expertise: <span>Tessa’s expertise includes:</span><ul><li><span>Credit cards</span></li><li><span>Investing apps</span></li><li><span>Retirement savings</span></li><li><span>Cryptocurrency</span></li><li><span>The stock market</span></li><li><span>Retail investing</span></li></ul>Education: <span>Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.</span><span>When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisement, and it worked.</span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/654be4c936d588dc55cd46e3":{"contentType":"image/png","aspectRatioW":1150,"aspectRatioH":304}}" alt="Sofi logo"> <noscript> <img class="no-script" src="https://i.insider.com/654be4c936d588dc55cd46e3?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> SoFi® Checking and Savings (Member FDIC) </a> <span class="headline-semibold featured-product-sub-heading"> Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit. <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> Start Saving </a> </div> </div> </div> </div> </div> </div> </section> <section class="category-tagline body-italic"> <div> <p class="body-italic"><p ><b>Check out</b> Business Insider's picks for <a href="https://www.businessinsider.com/personal-finance/best-crypto-bitcoin-exchanges" target="_blank"> best cryptocurrency exchanges</a></p></p> </div> </section></div> </div> <section class="post-content-more"> <div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Business Insider Today" data-acq-source="personalfinanceverticalinline" data-track-view={"subscription_experience":"bi_value_unassigned","product_field":"bi_value_unassigned","element_name":"inline_newsletter"} > <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 24 / 318)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/BI/US/logos/newsletters/business-insider-today.svg' alt="Business Insider Today" /> <noscript> <img class="no-script" src="/public/assets/BI/US/logos/newsletters/business-insider-today.svg" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader" > Get the inside scoop on today's big stories<span class="homepage-newsletter-description-desktop"> - delivered daily</span>. </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"/> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop d-none"> <div class="success-message-container"> <div class="success-message headline-semibold"> Thanks for signing up! </div> <div class="success-sub-message headline-semibold">Look out for your first newsletter with today's big story in your inbox soon.</div> </div> </div> <div class="success-container__mobile d-none"> <div class="success-message headline-semibold">Thanks for signing up!</div> <div class="success-sub-message headline-regular"> Access your favorite topics in a personalized feed while you're on the go. <button class="rounded-button headline-semibold blue-button download" type="blue" > Download the app </button> </div> </div> <div id="account-creation-component" data-element-name="inline_newsletter" data-load-markup="inline-newsletter-module/account-creation/template"> </div> <form id="emailCapture" action="javascript:void(0);" method="POST" novalidate > <div class="flex-parent"> <div class="user-input-container"> <label id="focusedLabel" class="headline-regular" for="newsletter-module-email" >Email address</label> <input class="headline-regular" type="email" autocapitalize="off" name="newsletter-module-email" id="newsletter-module-input" placeholder="Enter your email" autocomplete="email" required="required" /> </div> <div class="submit-container headline-semibold"> <button class="rounded-button headline-semibold blue-button inline-newsletter-submit" type="blue" > Sign up </button> </div> </div> <div class="mobile-error-msg error-msg hidden headline-regular"></div> <div class="desktop-error-msg error-msg hidden headline-regular"></div> <div class="sign-up-tos headline-regular" id="nlTos" > By clicking “Sign Up”, you agree to receive emails from Business Insider. 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