Many feel that using proof of stake mechanism as an alternative to proof of work could be a possible solution. In proof of stake instead of miners trying to solve complex problems the authority to validate transactions is granted on how much cryptocurrency a user already has and how much he is willing to stake as a collateral of sorts. Some believe that using proof of stake as an alternative could reduce energy consumption by 99.5 per cent. Understandably others find this figure overly optimistic.
Proof of stake, however takes time to take over the popularity of proof of work, many are already trying to find solutions on how to make proof of work more scalable in the meantime.
The efforts to accomplish this include moving mining operations away from countries such as the U.S. where around 38 per cent of Bitcoin mining occurred in 2021 to countries which rely more on green energy.
After the Chinese government banned crypto mining in 2021, miners had to relocate to more fossil fuel dependent countries like the U.S. and Kazakhstan.
Efforts are also being made by individuals and companies in the crypto world to reduce their carbon footprint but perhaps the change will come about when the general public is more educated about cryptocurrency and can therefore choose only the platforms which they believe are the most environmentally friendly and conscious. For that education and awareness of the crypto world as a whole is the need of the hour.