Solana Co-founder Wades Into Bitcoin Versus Ethereum Debate

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Solana (SOL) co-founder Anatoly Yakovenko recently compared the flagship cryptocurrency, Bitcoin (BTC), to its closest counterpart, Ethereum (ETH). Comparing one blockchain or digital asset to its counterparts is not generally unfounded in the cryptocurrency industry. On his part, Yakovenko highlighted a few similarities between the two cryptocurrencies. 

its like bitcoin, but doesn’t use as much energy, so has a lower capex

— toly 🇺🇸 | compressed (@aeyakovenko) August 31, 2024

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Several crypto enthusiasts also gave their opinions on the matter. The comparison comes this season when the broader crypto ecosystem faces slow growth, especially in price. 

Bitcoin And Ethereum Energy Consumption 

The debate on X features the Bitcoin energy consumption rate compared to Ethereum’s. Recall that Ethereum transitioned from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) algorithm in September 2022. This process was dubbed The Merge and largely focused on drastically reducing Ethereum’s energy consumption. 

Bitcoin still utilizes the PoW cryptographic proof that verifies the accuracy of new transactions added to the blockchain. Notably, this algorithm’s energy consumption requirement is one of the reasons it is severely criticized. Therefore, it was unsurprising when Solana’s CEO noted that both platforms are similar except for energy usage.

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Ethereum Price Remains Low

As part of the conversation, X user R89Capital asked those who believe Ethereum’s value could soar to trillions to point to recent developments that justify the anticipated price growth. To a large extent, the expectation was that The Merge and, later, the launch of spot Ethereum Exchange-traded Funds (ETFs) would trigger a jump in ETH market value.

It’s been more than two months since the launch of the Ethereum ETFs, and the crypto is yet to record an upsurge in value. As of this writing, ETH was trading at $2,476.63 after losing 1.33% in 24 hours.

Institutional Investors Take a Slice of BTC

Several crypto enthusiasts relate to Bitcoin more as a store of value, which has fuelled its sudden attractiveness to retail and institutional investors. MicroStrategy remains one of the biggest holders of BTC, with more than 226,500 units of the firstborn digital currency in its portfolio. 

Another newbie learning from the business intelligence software company is Japanese financial leader Metaplanet. It is constantly increasing its Bitcoin holding with each passing week.

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