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Técnicas de minado de criptomonedas: Proof of work vs proof of stake
(Universidad Católica de Cuenca, 2023) Morocho Gualpa, Erick Vladimir; Flores Urgilés, Cristhian Humberto; 030242214-2
ABSTRACT Cryptocurrency technology has had a great impact on society worldwide, especially in the area of mining, through computer equipment in different consensus mechanisms. Users perform the mining process in exchange for financial rewards. This research compares between the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms. The objectives were: a) to perform a comparative analysis between the two cryptocurrency mining techniques: PoW vs. PoS, using technical and financial indicators to determine the highest efficiency, b) to conduct a theoretical study on the concepts related to cryptocurrency mining, c) to analyze the positive framework of cryptocurrencies mining activity, d) to select the most appropriate mining technique. Previous to the mining process and the profitability and consumption study being conducted through the NVIDIA RTX 3060 graphics card using the Ethereum cryptocurrency in the PoW method, it has been determined that it is not feasible to perform mining when cryptocurrency price drops as profit is relative. It was also concluded that PoS is the most suitable mining consensus method since it does not consume much energy and is more scalable. Keywords: Mining, cryptocurrencies, consensus mechanisms, Ethereum.