We have tried to address the same issue of the excessive electricity bills associated with Bitcoin mining. What we have outlined in our paper are ways to optimise the underlying SHA256 hashing algorithm so as to mine Bitcoins faster & in a more efficient manner. We have managed to achieve a 38% improvement against traditional mining techniques.You can imagine the impact as it could now potentially allow miners to save millions on electricity bills.
Part II at http://arxiv.org/abs/1310.7935 - "The Unreasonable Fundamental Incertitudes Behind Bitcoin Mining"
We have tried to address the same issue of the excessive electricity bills associated with Bitcoin mining. What we have outlined in our paper are ways to optimise the underlying SHA256 hashing algorithm so as to mine Bitcoins faster & in a more efficient manner. We have managed to achieve a 38% improvement against traditional mining techniques.You can imagine the impact as it could now potentially allow miners to save millions on electricity bills.