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Why Cardano's Hoskinson Called Proof-of-Work a Road to Nowhere
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Cardano’s Hoskinson Called Proof-of-Work a Road to Nowhere

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Cardano ADA ADAUSDT

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Cardano’s inventor and IOG CEO Charles Hoskinson commented on Bitcoin’s hashrate dropped after a blackout struck some small counties in the province of Xinjiang.

Major Bitcoin mining pools saw their hashrate crashed. As informed by Primitive Crypto founder partner Dovey Wan, F2Pool, AntPool, Poolin registered a drop of up to 33%.

these are pools affected the most by the incident. the accurate numbers at the global hash rate level will take days to refect

charts made by @officialpoolin stats and h/t from local news outlet 吴说区块链 pic.twitter.com/0Wgsng3OBN

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) April 16, 2021

Although the hashrate has been quickly climbing back up in the past day, the incident has been used to highlight what some consider a “Bitcoin problem”. Hoskinson shared an article on the incident via his Twitter handle and said the following:

Proof of stake doesn’t suffer from this problem wake up people! Nakamoto consensus is a road to nowhere.

In 2020, Cardano transitioned from a Proof-of-Work consensus algorithm to a Proof-of-Stake. This event initiated Cardano’s Shelley era. Hoskinson said in a previous interview that the former has more advantages than the latter.

Adding that currently there is a “great movement of value” from PoW to PoS like Ethereum 2.0, Polkadot, Cardano, and others, IOG’s CEO predicted a “distribution of wealth” to these blockchains in 2021. Hoskinson added:

The issue is it can never get better by design. The more successful bitcoin gets, the higher the price goes; the higher the price goes, the more competition for bitcoin; and thus, the more energy is expended to mine.

However, Castle Island Ventures general partner Nic Carter said a daily 40% down on Bitcoin’s hashrate should be a percentage to be handle carefully. Carter added:

Whole decline not statistically significant (HR variance extremely high). Need to look at longer timeframes (ideally 7d) to determine effect on hashrate.

He said the event could shed new light on Xinjiang percentage of Bitcoin’s hashrate during the dry season. Data on this subject is over a year old, as Carter said, speculating on the possibility that a Bitcoin’s HR in China could be migrating abroad:

Lastly – to those ppl who think a China ban on mining would kill bitcoin – this is what it would look like – blocks would be slow for a while and that’s it. Banning mining in 1 place doesn’t make bitcoin any less secure – no “required” threshold for hashrate.

Cardano (ADA) could go to $2

At the time of writing, ADA is trading at $1,25 with a 10% pullback in the daily chart. In the weekly and monthly chart, ADA is showing a 2.4% and 0.9% profit.

Cardano ADA ADAUSDT
ADA showing moderate losses in the daily chart. Source: ADAUSDT Tradingview

The CEO of Ajoobz “Elja” said ADA has managed to set “strong supports” at $1,20 and $1,22 after yesterday’s crash in the market. Elja expects a “relief bounce” from the current levels and if ADA can keep the bullish momentum, the cryptocurrency could target $2,50.

Cardano ADA ADAUSDT
Source: Eljaboom
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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