Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies

Li, Jingming; Li, Nianping; Peng, Jinqing; Cui, Haijiao; Wu, Zhibin

doi:10.1016/j.energy.2018.11.046

Cited by 218 publications

(124 citation statements)

References 6 publications

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“…For Monero, study results showed that energy budget is a function of the hash rate algorithm used, which further supports the claims of [30]. In addition, the study by [55] also provided Authors [54] set out to research mining energy use of some cryptocurrencies based on a few algorithms. For Monero, study results showed that energy budget is a function of the hash rate algorithm used, which further supports the claims of [30].…”

Section: Virtual Currency Mining and Enegy Use In Smart Citiessupporting

confidence: 67%

“…Countries that relax tax laws on cryptocurrency operations may need to rethink their stance, and probe further into the activities of digital currency operations, especially mining, which will most likely bring about better decision-making in this regard, as firsthand information can be gathered on how much energy is consumed on digital currency. Several studies have shown that digital currency mining may be polluting the environment [28,30,54,95], and in a world where so much is being done to reduce emissions to pre-industrial rates, all efforts must be continuously directed towards this common goal. Additionally, one aspect of sustainable development goals is energy efficiency, as such, any process that do not this requirement may in the real sense not aid sustainability…”

Section: Discussionmentioning

confidence: 99%

“…Figure 2 shows the estimated and minimum energy usage (between 2017 and 2019) in the mining of Bitcoin. Authors [54] set out to research mining energy use of some cryptocurrencies based on a few algorithms. For Monero, study results showed that energy budget is a function of the hash rate algorithm used, which further supports the claims of [30].…”

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

“…In addition, the study by [55] also provided an approximated value of energy consumed globally for mining Monero. For example, it was suggested that China's activities in Monero mining may have contributed about 5% of global electricity consumption (to mine the same coin) which stood at 646 GWh as of 2018 [54], implying that roughly 20,000 tons of carbon may have been released into the environment between a space of eight-months of the year under review.…”

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

“…Worldwide attempts carried out every second to locate a hash with this unique feature is referred to as hash rate [30]. The moment a node discovers a hash the meets this requirement, the node sends the block on which the hash has been found to other nodes within the network, as such, an acceptance is carried out by the other networked nodes, all of which kick-off with the creation of new blocks for the chain by adopting the accepted hash block [30,54,56]. Another authors [30] further noted that the individual who locates the block gets to enjoy certain rewards.…”

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

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Opinions on Sustainability of Smart Cities in the Context of Energy Challenges Posed by Cryptocurrency Mining

et al. 2019

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Next to climate change on the list of challenges faced by humankind in today’s technological age is energy management. While “smart” ideas continue to gather momentum as some of the ways earmarked to combat the menace of a changing climate, coupled with efficient management of energy, research and development in the blockchain is not retracting, recently giving rise to digital currencies capable of fueling massive energy consumption via mining of “crypto-coins”. Given that sustainability is a crucial goal in the design of smart cities nowadays, there are currently no assurances of sustainable cities where cryptocurrency mining is at full scale. Nevertheless, alternative energy sources may come to the rescue in no distant time. In this paper, we contextualize energy-use in smart cities through mining of virtual currencies, in order to predict whether or not smart cities can truly be sustainable if crypto-mining is sustained. An attempt is also made to emphasize the possible ways of reducing energy use and all activities involving digital currencies by seeking to replace “Proof of Work” (PoW) with improved alternatives.

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Section: Virtual Currency Mining and Enegy Use In Smart Citiessupporting

confidence: 67%

Section: Discussionmentioning

confidence: 99%

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

Section: Virtual Currency Mining and Enegy Use In Smart Citiesmentioning

confidence: 99%

See 3 more Smart Citations

Opinions on Sustainability of Smart Cities in the Context of Energy Challenges Posed by Cryptocurrency Mining

et al. 2019

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Is blockchain able to enhance environmental sustainability? A systematic review and research agenda from the perspective of Sustainable Development Goals (SDGs)

et al. 2021

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Blockchain is a disruptive technology that is revolutionizing information technology and represents a change of cultural paradigm for the way in which information is shared. Companies are rushing to understand how they can use blockchain distributed ledger technology to innovate processes, products and transactions. In a globalized world where environmental sustainability is a critical success factor, what is the role of the blockchain? By using a systematic review approach and the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) protocol, this study attempts to identify whether and how blockchain technology is considered able to affect environmental sustainability. Findings from 195 studies from 2015 to 2020 were analysed after the search protocol was applied. The results indicate that blockchain technology could contribute to environmentally sustainable development goals (SDGs) from different points of view, such as supporting the realization of a sustainable supply chain, improving energy efficiency and promoting the creation of secure and reliable smart cities. Furthermore, the investigation highlights the sectors where to focus research investments, providing a way to reward sustainable behaviour and increasing environmental sustainability. On the other hand, blockchain has no negligible negative effects on the environment that need to be considered before adoption.

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Coupling of cryptocurrency trading with the sustainable environmental goals: Is it on the cards?

2021

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Following the systematic review and bibliometric analysis of current literature, this paper attempts to investigate whether the wealth generated through cryptocurrency trading can assist in attaining the United Nations' (UN) sustainable development goal (SDG) 7, affordable and clean energy and UN SDG 13 related to climate action. The critical analysis of literature indicates a growing interest in cryptocurrency, the UN's

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Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies

Cited by 218 publications

References 6 publications

Opinions on Sustainability of Smart Cities in the Context of Energy Challenges Posed by Cryptocurrency Mining

Opinions on Sustainability of Smart Cities in the Context of Energy Challenges Posed by Cryptocurrency Mining

Is blockchain able to enhance environmental sustainability? A systematic review and research agenda from the perspective of Sustainable Development Goals (SDGs)

Coupling of cryptocurrency trading with the sustainable environmental goals: Is it on the cards?

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