“In the world of digital finance, online payment system Bitcoin has been growing quickly since its software debuted in 2009, with millions of dollars’ worth of bitcoins being exchanged on a daily basis. But researchers at this university said the computational resources the system requires could be better used with some changes.
Forbes reported in December that bitcoin mining, the power- and hardware-heavy process used to add bitcoins to the market, uses $15 million worth of electricity per day. In response, researchers at the university’s computer science department, in collaboration with Cornell Tech and Microsoft Research, developed and recently debuted Permacoin as an alternative that repurposes energy consumed by bitcoin mining to archive and preserve data.”
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