5 Global Problems Bitcoin's Proof of Work Can Help Solve

It is possible that when compared to rare metals, bitcoin mining is not as wasteful in terms of environmental impact, but it remains clear that there could be better and more efficient uses of cryptocurrency mining power than solving arbitrary cryptographic problems.

"That would be something that would be really nice to have: a proof of work where the work is really doing something, solving problems."

With this in mind, let's take a look at some abstract and real-life problems in the world today that could benefit from the huge amount of computing power currently being generated by the bitcoin network.

The question is - how much more power could be put to work if SETI established its own distributed coin?

If proof of work is going to cost money in terms of electricity, then why not provide some incentive for using renewable energy?

The approximately 98 billion solarcoins are still being hashed via the scrypt proof of work algorithm, creating a drain on the system's production.

There actually is a cryptocurrency available now that utilizes BOINC projects as a proof of work.

Users can choose the BOINC initiative that they want to contribute - it could be life science, mathematics or software testing, among other numerous projects - and be rewarded for their portion of computational work.

The energy requirements and environmental impact of traditional proof of work mining cannot be ignored.

Whether it is solving real-world problems or theoretical ones, there are efficiency gains to be had with cryptocurrency proof of work.