Bitcoin Mining to Use 0.5% of World’s Energy by End of 2018

> "De Vries concludes that as the BTC network currently consumes about 2.55 GW of electricity and moves towards consuming 7.67 GW in the future (for reference, Ireland consumes 3.1 GW and Austria 8.2 GW)"

Okay can we all agree that's far too much power to use on a decentralised currency system? It's going to use twice as much power as a first world country. The current proof-of-work system badly needs replacing.