Cardano ($ADA) Founder on Why PoW-Based Bitcoin Network Could and Should Be Shut Down

On Monday (October 3), Charles Hoskinson, Co-Founder and CEO of IOG (aka “IOHK”), the blockchain technology firm behind Cardano’s R&D, explained why it makes sense to stop mining more Bitcoin and converting all existing bitcoins to wrapped bitcoins (that exist on a smart contracts platform such as Ethereum or Cardano).

In a video released yesterday, Hoskinson started by saying that he agreed with the idea that Bitcoin is digital gold and that it has real utility.

He then went on to explain why the Bitcoin network, which is secured with energy-hungry proof-of-work (PoW) consensus, could and should be shut down, with the existing 19 million or so bitcoins converted to wrapped bitcoins on a much more energy-efficient platform with smart contracts support — such as Ethereum or Cardano — so that they can allow for many more use cases.

Hoskinso