FinTech Magazine July 2023 | Page 91

“ THE GROWING FOCUS ON PREVENTING CLIMATE CHANGE HAS BROUGHT INTENSE SCRUTINY TO BITCOIN AND OTHER CRYPTOCURRENCIES ”

NEIL ROBSON PARTNER , KATTEN UK
And what of the future of crypto mining and staking ? “ There ’ ll be incremental changes ,” Servadei believes . He expects to see a “ gradual adoption of energy-efficient consensus mechanisms like proof-ofstake across various projects ”, alongside “ continued efforts to use renewable energy sources for mining operations ” and “ improved mining hardware efficiency to reduce energy consumption ”.
These changes could be accompanied by more drastic shifts , such as increased uptake of proof-of-stake ; regulatory intervention that forces the issue ; or new technologies that change the way coins are minted , such as layer-2 solutions , sharding , or other scalability improvements .
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