Did you know Bitcoin's Proof-of-Work (PoW) mechanism consumes more energy than some entire countries? 🌍⚡

What is Proof-of-Work Consensus?

Imagine you are in a group who is having a shared notebook 📖 (Ledger). How do we decide who can add the next page to the notebook? And how do we agree that the information we are adding is valid? 

For that, we need to solve a puzzle problem, whoever does it first will be able to add new page and they will get rewarded 🪙 . This is Proof-of-Work. You are showing that you have done the work and deserve to add the next page (block).

So in Blockchain, We call the puzzle solvers miners ⛏️ . Miners will collect all the transactions into a block. Then solve a complex maths problem to add the block into the chain. They will get rewarded for their effort. (That is why we say, Bitcoin is getting mined.)

#Bitcoin #Blockchain #Crypto

Is PoW worth the environmental cost? Let me know your thoughts below! 👇