Because it is the puzzle-solving that consumes the most energy, the EU parliament debated prohibiting it. According to CoinDesk, previous versions of the framework had language that would have phased out proof of work in favor of less energy-intensive verification methods. This generated fury in the cryptocurrency community, which saw it as a death blow to Bitcoin. Today, the framework’s rule requiring proof of work was repealed.
For a long period of time, the cryptocurrency industry has been attempting to resolve its environmental issues. For years, the Ethereum network has planned — and repeatedly postponed — a transition away from proof of work and toward a technique called proof of stake that eliminates the need for puzzle solving. Proof of stake consumes far less energy and is therefore regarded as more environmentally friendly. This would also address Bitcoin’s energy efficiency issue. However, no one expects Bitcoin to follow suit, as this would require all miners on the network to agree to take losses on the hardware they’ve already put into mine Bitcoin. Additionally, some proponents of proof of work say that it is the most secure approach for ensuring the blockchain’s integrity. Without miners’ buy-in, any prohibition on proof-of-work is effectively a prohibition on Bitcoin.
