The crypto industry has a nasty problem: while most of the world is investing in sustainable energy solutions, cryptocurrency mining is using exorbitant amounts of energy.
Environmentalists have criticized proof of work (PoW) blockchains as unsustainable and wasteful. Fortunately, an organization called Bitcoin Green aims to change that. Bitcoin Green is creating a form of mining that requires far less energy than today’s most popular methods.
Naylor recently sat down for an interview with Authority Magazine. During the interview, Naylor revealed more information about his background, the Bitcoin Green project, and the future of cryptocurrency blockchains and environmentalism.
Hugh Naylor is the co-founder of Crypto Revolution, a Los Angeles-based strategic communications company focusing on supporting blockchain ventures. Prior to launching the company, Naylor worked as a Middle East correspondent with the Washington Post. He reported extensively on the Arab Spring and other upheavals in the region over the past decade.
How did a journalist get involved with blockchain? Naylor credits his Crypto Revolution co-founders with introducing him to cryptocurrencies and blockchain technology. Ari Ratner and Kaj Larsen introduced him to blockchain and cryptocurrencies, explaining how the technology could benefit the world.
About Bitcoin Green
One of the key discussions of the interview revolves around Bitcoin Green. Bitcoin Green launched a sustainable cryptocurrency that aims to become an alternative to bitcoin. Naylor describes bitcoin’s model as “incredibly wasteful,” and claims bitcoin mining “uses a wildly-unsustainable amount of energy” and “poses a threat to the environment.”
With Bitcoin Green, things are different. The project uses an innovative form of mining to make cryptocurrencies more sustainable and beneficial for future generations.
While bitcoin uses proof of work (PoW), Bitcoin Green uses proof of stake (PoS). Here’s how the official Bitcoin Green website, SaveBitcoin.io, describes the system:
“Bitcoin Green (BITG) is founded on ‘The Green Protocol,' which utilizes a highly efficient proof-of-stake consensus algorithm that solves many of Bitcoin’s sustainability and scalability problems. Furthermore, Bitcoin Green can be mined on any computer or laptop without specialized equipment.”
Ultimately, the bitcoin network currently consumes more energy than 82% of countries on the planet. Yes, chips are getting more efficient, but difficulty on the bitcoin network continues to rise, which means the bitcoin network is using more energy every year.
“I firmly believe that Bitcoin Green is doing the kind of work that will make cryptocurrencies sustainable and beneficial for future generations,” explains Naylor in his interview.
The rest of the interview covers topics like interesting stories that have happened to Naylor while working in blockchain communications as well as “5 things” Naylor wished someone had told him before starting a company (“get plenty of rest, eat your greens, exercise regularly, make time for vacation, have lots of humility). You can read the full interview here.