Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining.
Bitcoin and cryptocurrency mining is usually off limits to those who cannot afford the expensive mining computers and equipment. In addition, miners are usually stuck dealing with high energy bills and excessive consumption of electricity. It is estimated that approximately 0.15 percent of the world’s energy is used to mine cryptocurrency.