This issue is already being addressed.Basically old school mining (bitcoin) uses most of the energy to Christian Happy Proud Pride Loving Supportive Parent T Shirt w/ other miners to solve the math problem first in order get the chance to write the ledger for the transaction. For this they’re rewarded with the crypto they’re mining. The writing of the ledger is the actual productive part and takes almost no energy in comparison. This is called “prove of work.” Think of it like at your job, you spend 8 hours a day, 5 days a week trying to open your email and then spend 5 minutes answering the email, and that’s the only productive work you did.The new protocol is called “prove of stake” Basically you stake your existing coins and the network will pick a random one, (like drawing a raffle ticket) The owner of that coin gets to write in the ledger and get a coin as a reward for their work.
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This basically cuts out the most energy consuming part of mining for crypto since you don’t need Christian Happy Proud Pride Loving Supportive Parent T Shirt running nonstop, solving equations for a chance to write in the ledger.Doesn’t proof of work end up with the same result of people who have more money being able to make more money? If you can spend $10 million dollars to build a mining facility, you would make a lot more than someone mining on an old PC in their house.Most of the big names that started in the past few years are adopting prove of stake. In fact the 2nd largest coin, Ethereum, is moving to prove of stake either this year or next year
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