“Energy intensive processes, such as cryptomining operations and data encryption, could require significantly less energy and have a smaller carbon footprint.” Wouldn’t the difficulty just go up such that you’d need to expand the number of computers calculating hashes until the electricity usage again becomes the limiting factor?
Could quickly phase out the less efficient hardware in the nearer term or cause a temporary stasis in energy use keeping it the same as now.
So you’ll want to keep innovating on all parts of the stack, consensus models, proof of work hashing algorithms that work orders of magnitude better on boutique lower powered hardware architectures (optical/analog is gaining interest), and municipal regulations