Cambridge researchers say mining Bitcoin currently consumes around 110 Terawatt Hours per year.
Considering we’re just at the genesis of the mainstream crypto-craze, this energy consumption is likely only going to increase and further exacerbate climate change.
As an alternative, many analysts argue that making a switch to Proof of Stake-based blockchain networks could be the only viable solution.
Unlike traditional Bitcoin mining where computer power is needed to generate currency, Proof of Stake attributes mining power to the proportion of coins held by a miner.
So why don’t we do away with mining and adopt PoS systems? Theoretically, the supply of PoS coins remains constant, which is why there’s a high risk of inflation and entirely devaluing currencies.