Learn the answer to the 2022 Biz Quiz.
Question
Mining of the cryptocurrency Bitcoin (BTC) has been criticized for its high energy consumption due to its “proof-of-work” consensus algorithm. With the #2 cryptocurrency (as measured by market cap), Ethereum (ETH), transitioning from proof-of-work to a highly energy-efficient proof-of-stake algorithm‚ what are the 3 next largest (after BTC) cryptocurrencies supported by a proof-of-work algorithm? View the original question webpage.
Answer (Online Only)
At the time this question was written the next three after Bitcoin were Dogecoin (DOGE), Ethereum Classic (ETC), and Litecoin (LTC). The gap from those three to the next in market-cap order Monero (XMR) is a billion dollars. But we'll accept answers that include Monero and/or the one after that, Bitcoin Cash (BCH). (Monero has jumped just above ETC as of January 2023.)
Editor's Note
Our randomly selected winner from all of our correct submissions from our 2022 issue was Ryan Groves '20, finance. Congratulations!