Quote from: odolvlobo on Today at 02:02:45 AM

Quote from: Wisbrown on March 23, 2021, 11:57:09 PM

Due to high level of energy consumption when mining bitcoin is there no other ways of producing bitcoin either by the use of computer or other means?

Bitcoin mining, or more precisely proof-of-work, is specifically designed to consume energy. If you can develop a way to compute a SHA-256 hash without consuming energy, then you may become be the richest person on the planet.

Because of the economics of mining, these are the only ways to lower the consumption of energy used in bitcoin mining:

1. Increase the per hash cost of mining, perhaps by
- a. increasing the cost of energy, or by
- b. other means such as taxes.
2. Reduce the value of the block reward, perhaps by
- reducing the subsidy or the transaction fees, or by
- reducing the value of a bitcoin.

Note that increasing the efficiency of mining, specifically hashes per joule, has no effect on the consumption, again because of the economics of mining.

POS has a security risk that might not be the best option. And the consensus will be hard to achieve, it will only cause another fork. I really think its still fair to consume great energy considering the price of BTC. The government is going to benefit anywhere if they are just going to develop more nuclear power plants for cheaper energy. This had been a constant fud related to BTC and China.