There is no 'special hash algorithm' that can only be performed by a certain number of devices.  What happens when someone makes another million of these devices and has control over the network?  Even if the algorithm was closed source what prevents reverse engineering, or those involved from cheating.  You would have a trustless decentralized network which was completely centralized and requires eternal trust in those who set it up.   I think I would pass.

The plan from the beginning was to gradually move over from the block reward paying for security to tx fees paying for security just like with PoS. This is part of the process with the scalability roadmap where block we will go from 2-7 tps up to 140 tps and thus bring in up to ~2520 usd in tx fees to cover securing the blockchain. PoS algos will temporarily remain more efficient because of this transition process but bitcoin has the benefit of better security and a fairer distribution based upon risk and effort and not simply stake. Eventually, economic pressures from the costs of electricity should force miners to both centralize and decentralize at the same time. You should expect to see very specialized mining farms using cheap renewable energy and recapturing heat energy to produce goods or services. On the other end you should also see decentralization occurring to allow individuals who heat anything to do so with mining to save money instead of just heating up filaments.

Did u know large amount of electricity cannot be stored n what the electricity companies produce has to be used.. So y not use it on miners.. Lol

If Nikola Tesla had his way we'd all have free wireless electricity.

Rip Tesla.

We spend alot more resources digging up gold and precious metals from the ground, that it makes the cost of mining bitcoin seem trivial in comparison.

That electricity cost is for keeping bitcoin network safe, and in same way the miners get reward from mining.
Same way with real mining industry, it needs power of electricity to mine precious metal and process it. Best things is hope bitcoin price will increase to cover electricity bill.

well said, never think like this before. So cash system too need a lot of electricity power to keep their network works fine

This sums it up. If it was easier, anyone with a ton of money could penetrate the network and create trouble. But since it's so ridiculously hard, the amount of electricity you would need makes it pointless since you would make more gains by being a legitimate participant in the network rather than trying to attack it with say a double spending or whatever.

The only thing that's an extreme waste of electricity is the computer you're using to write this garbage. Bitcoin is not a waste of energy.

Please read the entire Myths Wiki before posting another thread: https://en.bitcoin.it/wiki/Myths

Welcome to the bitcointalk forums.

We should try to avoid language that falsely implies the internet is any less "real" than physical space.

I switch on a light, it consumes electricity, but it provides me with a source of light.
I switch on a kettle, it consumes electricity, but it provides me with hot water.
I switch on a television, it consumes electricity, but it provides me with entertainment.

I switch on a block erupter, it consumes electricity, but it provides me with bitcoins.

So where is the waste? One provides light, the other hot water and also entertainment... The miner provides for a working currency and a source of income. I fail to see the difference. 

Do you know how much power is consumed by mining farm?
Do you know how much power needs for example one big IT center for Bank or Big company?

I would say that there is not big difference. Electricity can`t be stored efficently.