The efficiency of the hashing algorithm is irrelevant in Bitcoin, because the difficulty of finding a new block auto-adjusts to keep new blocks coming at a fixe

The efficiency of the hashing algorithm is irrelevant in Bitcoin, because the difficulty of finding a new block auto-adjusts to keep new blocks coming at a fixed 10-minutes interval. If hashing gets faster, miners will just hash more, until the block reward approximates the total cost of operating the mining rigs (which is dominated by the cost of electricity). These block rewards halve every 4 years, but Bitcoin's price has been increasing faster. Consequently, power consumption kept increasing and will likely continue to increase.