Researchers propose new proposal for BTC mining to reduce energy consumption and costs

On November 27th, three researchers, the non-profit organization PoWx co-founder Michael Dubrovsky, Columbia University Marshall Ball, and Bogdan Penkovsky of Saclay University in Paris, France proposed a new Bitcoin mining proposal. The proposal focuses on photonic chips, optical computers, and revisions to existing cryptographic protocols to offset Bitcoin's current dependence on electricity. For now, Bitcoin's computing power depends on mining facilities in countries with lower electricity costs, which naturally generates a single point of failure. Another approach is what these researchers call "optical proof of work" (OPoW). The mining cost in this system mainly depends on the hardware used, not electricity, and changes to existing proofs will be minimal.