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Proof-of-work algorithm

People also ask


  • How much energy do NFTS take?

  • So, how much energy does this take? By current estimations, a single Ethereum transaction consumes 48.14 kWh. For comparison, that鈥檚 just over one and a half days of energy consumption within the standard U.S. household. Now, multiply that by thousands of transactions daily and you can see how NFTs鈥?energy consumption takes its toll.

  • What are NFTs and how do they work?

  • NFTs are non-fungible, which means they can鈥檛 be easily exchanged for a similar good in the way a bitcoin can be traded for another bitcoin. In this sense, it鈥檚 much like tangible art. If you own an original Rembrandt, you have unique ownership of the one-of-a-kind artwork.

  • How are NFTS verified?

  • Most of these sites use Ethereum, which verifies transactions through 鈥榤ining.鈥?When an NFT is purchased, miners must compete to solve a block that results in your Snoopy artwork being the uniquely identifiable NFT the buyer wants. Miners are motivated to compete because the single person who solves the block first gets a commission for their work.

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