How is computational and electricity wastage be avoided other than successful bitcoin miner

0 votes

new transaction are broadcasted in the network where each node(miner) available in the network collects the transaction into block.
All miners collect the transaction and try to solve the puzzle but only one minor will be successful in terms of solving the puzzle, creating a proof of work, brodcasting its proof of work to other Miners, and get rewarded.
How taking care happens to avoid the computations of other miners who couldn't solve the puzzle so that computation and electricity waste can be reduced. Please clarify if above statement is not fare enough.

Jul 14, 2018 in Blockchain by aryya
• 7,440 points
144 views

1 answer to this question.

0 votes

What you are describing is an inherent flaw of Proof of Work. A lot of people are having the same concern as you, especially since the bitcoin network uses more electricity than some countries now, with most of that computation going to waste. In general, to combat this, research is looking at different ways to provide proof, and so far some interesting concepts have emerged, namely Proof of Stake, Proof of Time, Proof of Space, and probably a few more I'm not aware of. Explaining these is beyond the scope of this answer; you can google more information if you're curious

answered Jul 14, 2018 by Shashank
• 10,400 points

Related Questions In Blockchain

0 votes
0 answers
0 votes
1 answer

how Localbitcoins and other bitcoin wallet able to send/receive without network fee

Organizations that offer online wallets aren't obligated ...READ MORE

answered Mar 31 in Blockchain by Rahul
• 9,000 points
28 views
+1 vote
1 answer

How does a miner get to know that a transaction is verified by all the nodes?

Contrary to the popular belief, it is ...READ MORE

answered Mar 27, 2018 in Blockchain by Johnathon
• 9,090 points
1,693 views
+1 vote
2 answers

How is Blockchain programming languages different than usual programming?

The programming syntax of most of the ...READ MORE

answered Mar 30, 2018 in Blockchain by Christine
• 15,790 points
333 views
0 votes
1 answer

Protocols used in a distributed/dlt system for the nodes to establish communication

yes all are over TCP/IP connections secured by TLS encryption in hashgraph architecture-hashgraph, ...READ MORE

answered Aug 6, 2018 in Blockchain by aryya
• 7,440 points
649 views
0 votes
1 answer

Truffle tests not running after truffle init

This was a bug. They've fixed it. ...READ MORE

answered Sep 11, 2018 in Blockchain by Christine
• 15,790 points
1,007 views
0 votes
1 answer
+1 vote
1 answer

How is it possible to achieve privacy and confidentiality in smart contracts??

Any contract code written on the blockchain ...READ MORE

answered Apr 18, 2018 in Blockchain by Shashank
• 10,400 points

edited Aug 7, 2018 by Omkar 455 views
+1 vote
1 answer

How is Blockchain used for provenance purposes?

Let me tell you how Blockchain could ...READ MORE

answered Apr 4, 2018 in Blockchain by Shashank
• 10,400 points
223 views
webinar REGISTER FOR FREE WEBINAR X
Send OTP
REGISTER NOW
webinar_success Thank you for registering Join Edureka Meetup community for 100+ Free Webinars each month JOIN MEETUP GROUP