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From Wiskipedia

[edit] HMriVKtbF

There is a solution to this poerlbm. If someone releases a new Bitcoin client (and miners) that run on only 1% of the available processing power, and gets more than 50% of the network to adopt this new client, then total electricity costs drop would drop hugely, and still the same amount of bitcoins would be generated. The demand for bitcoins sets the price, and the supply won’t change, so everybody profits. Yet we all choose our own success, which ultimately has negative consequences for everyone involved. That’s just not smart.You're talking about lowering the cost to compute bitcoins. All it would take it one person using a non-crippled client to destroy the Nash equilibrium. Bitcoins are necessarily rare based on computing power, but I agree, if there was a way to make a new resource rare not based on computing power (but based on time, or something else), it would be much more efficient.