In an appearance on Bloomberg's Crypto Report last week, Tezos co-founder Kathleen Breitman offered her thoughts on the slowdown in Bitcoin mining in Texas caused by extreme heat. She also touched on the benefits of Proof-of-Stake versus Proof-of-Work, and gave her opinion on the positive aspects of the so-called 'crypto winter'.
You'll find extracts from Kathleen's appearance below, and you can watch the entire video at the top of this page.
On Proof-of-Work versus Proof-of-Stake:
Bitcoin miners and promoters who tout the greatness of Proof-of-Work tend to argue that it's like a battery. And it's really not the case. A one-way battery is not a battery. [...] In fact, it's just a massive suck on the grid.
Most cryptocurrencies that have launched in the last few years use Proof-of-Stake, mostly because it's the best technology in-class. A lot of the arguments about Bitcoin and its energy use are because [Proof-of-Work] is like this weird vestigial organ that has been attached to Bitcoin, that has a sort of reverence [from Bitcoin evangelists] for no good reason.
On the fallout of the 'Crypto Winter':
It's completely unsurprising that something like Celsius could go bankrupt, because economics does have laws that transcend just the word 'blockchain', contrary to popular belief [promulgated] by some people who monitor this stuff, and analyze it. [...]
We've just seen a lot of shakeout from things that wouldn't have worked. You can't make a sustainable protocol or business based on the theory that 'number will always go up'.