Gary Cohn, former Goldman Sachs (NYSE:GS) President as well as former chief economic advisor to US President Donald Trump, believes that there will a global cryptocurrency in the future, but it will be a coin “more easily understood” than Bitcoin (BTC), CNBC reports May 8.
Cohn told CNBC that he thinks there will be a “global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that.” Bitcoin mining relies on miners’ computers to solve hashes in order to get a block reward through a Proof-of-Work protocol. In October of last year, it was estimated that Bitcoin drew 56 mln KWh of electricity per day at an expense of $ 6.7 mln.
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