Basically, we are incentivizing people to waste electricity. The proof of work is basically proving you wasted electricity doing something useless.
While I appreciate the goals behind this, I think proof of work is unethical in our current energy situation.
With proof of work, as efficiency increases, the work increases to keep on wasting the same electricity.
If electricity prices drop, the work increases to waste more electricity to keep the attack expensive enough.
Stop generating electricity using coal etc.
Generate electricity only from:
- Solar
- Wind
- Hydro
- Nuclear
And other non-fossil sources.
Using fossil sources for electricity is unethical, full stop. Doesn’t matter if you are using the electricity for PoW, or for baking cookies or for feeding kittens, or what-have-you.
Fossil energy is the problem. Not PoW.