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This paper opts to mitigate the energy-inefficiency of the BlockchainProof-of-Work (PoW) consensus algorithm by rationally repurposing the powerspent during the mining process. The original PoW mining scheme is designed toconsider one block at a time and assign a reward to the first place winner of acomputation race. To reduce the mining-related energy consumption, we proposeto compensate the computation effort of the runner(s)-up of a mining round, bygranting them exclusivity of solving the upcoming block in the next round. Thiswill considerably reduce the number of competing nodes in the next round andconsequently, the consumed energy. Our proposed scheme divides time intoepochs, where each comprises two mining rounds; in the first one, all networknodes can participate in the mining process, whereas in the second round onlyrunners-up can take part. Thus, the overall mining energy consumption can bereduced to nearly $50\%$. To the best of our knowledge, our proposed scheme isthe first to considerably improve the energy consumption of the original PoWalgorithm. Our analysis demonstrates the effectiveness of our scheme inreducing energy consumption, the probability of fork occurrences, the level ofmining centralization presented in the original PoW algorithm, and the effectof transaction censorship attack.

Green-PoW: An Energy-Efficient Blockchain Proof-of-Work Consensus Algorithm