A framework for maintaining sustainable energy use in Bitcoin mining through switching efficient mining hardware

Yazıcı, Ali Fırat; Olcay, Ali Bahadır; Olcay, Gökçen Arkalı

doi:10.1016/j.techfore.2023.122406

Cited by 7 publications

(2 citation statements)

References 37 publications

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“…Ongoing technological innovation within Bitcoin mining highlights diverse research needs crucial for both miners and policymakers (Table 11). The Bitcoin mining industry revolves around the optimization of energy consumption and reducing the energy intensity inherent in manufacturing specialized mining hardware [63,64]. ASICs can be managed at the chip level, potentially opening up possibilities for increasing energy efficiency at the data center scale by 5% or more.…”

Section: Innovationmentioning

confidence: 99%

Bitcoin and Its Energy, Environmental, and Social Impacts: An Assessment of Key Research Needs in the Mining Sector

Rudd,

Bratcher,

Collins

et al. 2023

Challenges

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In this study, we used a combination of AI-assisted analysis of social media discourse and collaboration with industry experts to delve into the key research needs associated with the Bitcoin mining industry. We identified primary threats, opportunities, and research questions related to the Bitcoin mining industry and its wider impacts, focusing on its energy use and environmental footprint. Our findings spotlight the industry’s move towards increasingly greater energy efficiency and an emerging commitment to renewable energy, highlighting its potential to contribute to the coming energy transition. We underscore the transformative potential of emerging applications in the Bitcoin mining sector, especially regarding demand response, grid flexibility, and methane mitigation. We suggest that targeted research on Bitcoin can serve policymakers, private sector decision-makers, research funding agencies, environmental scientists, and the Bitcoin industry itself. We propose that filling key information gaps could help clarify the risks and benefits of Bitcoin mining by encouraging collaboration among researchers, policymakers, and industry stakeholders and conducting research that provides baseline peer-reviewed evidence surrounding Bitcoin’s production and impacts. A collaborative approach could help mitigate the risks and realize the benefits of Bitcoin mining, including potentially positive and substantive contributions in alignment with the Sustainable Development Goals.

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Section: Innovationmentioning

confidence: 99%

Bitcoin and Its Energy, Environmental, and Social Impacts: An Assessment of Key Research Needs in the Mining Sector

Rudd,

Bratcher,

Collins

et al. 2023

Challenges

View full text Add to dashboard Cite

show abstract

“…In order to determine the profitability and exergetic efficiency of the Bitcoin mining process, changes in the difficulty level of the block algorithm and the mining hardware's thermal power consumption were evaluated by [17]. The aim was to provide an original perspective on the topic, shedding light on how Bitcoin mining can be made more profitable in the long run by calculating the hardware's exergetic efficiency.…”

Section: Literature Reviewmentioning

confidence: 99%

An analysis of the integration of sustainability concepts into blockchain technology

Eligüzel

2023

ijamec

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The acceleration of data production and consumption due to the transition to an information society and industrial revolutions has had a significant impact on the expansion of the global economy. The emergence of Industry 4.0 has led to the adoption of various technologies, including blockchain, which is known for its potential to transform different domains through its solutions. This is particularly relevant in the context of data governance. Thus, blockchain technology has the potential to enhance the sustainability of diverse industries. Sustainability is a crucial concept that refers to the capacity to meet the requirements of the current generation without compromising the ability of future generations to do so. The integration of blockchain technology across diverse industries holds the potential to greatly improve sustainability efforts. The objective of this study is to assess the relationship between blockchain technology and sustainability through a descriptive review of literature utilizing the latent semantic analysis topic modeling and clustering method, which is a social spider optimization technique. This study focuses on analyzing the impact of blockchain technologies on the sustainability sector. A corpus of 1069 papers has been sourced from the Scopus database. The results underscore the significance of cybersecurity, supply chain management, and the circular economy in the extant academic literature. The broad recognition of the supply chain domain's importance is evident in its application of blockchain technology and adherence to the sustainability principle. The present research focuses on the analysis and assessment of topics pertaining to traceability, cyber security, circular economy, energy, and transparency.

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Carbon trading price forecasting in digitalization social change era using an explainable machine learning approach: The case of China as emerging country evidence

Wang,

Guo,

Shang

et al. 2024

Technological Forecasting and Social Change

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A framework for maintaining sustainable energy use in Bitcoin mining through switching efficient mining hardware

Cited by 7 publications

References 37 publications

Bitcoin and Its Energy, Environmental, and Social Impacts: An Assessment of Key Research Needs in the Mining Sector

Bitcoin and Its Energy, Environmental, and Social Impacts: An Assessment of Key Research Needs in the Mining Sector

An analysis of the integration of sustainability concepts into blockchain technology

Carbon trading price forecasting in digitalization social change era using an explainable machine learning approach: The case of China as emerging country evidence

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