The Future of Sustainable Blockchain Technology

The energy-intensive consensus system that underlies Bitcoin is known as “Proof of Work,” which uses up an incredible amount of energy. A study by Joule found that Bitcoin mining worldwide may be responsible for about 65 megatons of carbon dioxide a year, comparable to the emissions of Greece. A single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity - enough energy to power the average American household for 73 days.[1]

Using clean, renewable energy for mining is essential for the sustainable development of human society. It has also led the blockchain industry to examine more efficient underlying mechanisms to tackle excessive energy consumption. Can alternate consensus mechanisms be a solution to this problem? How can blockchain technology help environmental protection and contribute to ecological sustainability?

[1] New York Times: https://www.nytimes.com/2022/03/22/technology/bitcoin-miners-environment-crypto.html