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Bitcoin, Blockchain, and the Energy Sector consumption led some to call for reform in the cryptocurrency industry.29 Others argue that continued reliance on fossil-fuel-based electricity is the important issue and not the energy intensity of Bitcoin.30 What Is the Cryptocurrency Industry Doing to Reduce Energy Consumption? As the Bitcoin network’s energy consumption grows, some have questioned whether the PoW algorithm is sustainable. One option to reduce cryptocurrency energy consumption is to shift to alternative protocols for validating transfers. Currently, PoW is the most widely used. However, other protocols, such as Proof-of-Stake (PoS) and Proof-of-Authority (PoA) could potentially accomplish validations more energy efficiently. Many other alternative algorithms exist.31 Each algorithm presents trade-offs; for example, some algorithmic attributes facilitate scalability and others facilitate speed of transactions. The potential application of blockchain technology to the energy sector (and other sectors) will depend upon the ability for these technologies to provide transparent, secure, scalable, and timely transaction validation. The technical differences and their applicability are discussed in the Appendix. Where Is Bitcoin Mined? Several factors contribute to ideal mining locations and include energy costs, regulations, and technology.32 Often the energy costs are affected by geographical characteristics like proximity to hydroelectric power or lower ambient temperature that reduces the need for cooling. Local and national governments around the world have responded differently to the growth of Bitcoin: some are actively developing cryptocurrency industries, some are restricting cryptocurrencies, and some are regulating cryptocurrencies in an effort to balance financial innovation and risk management.33 According to a study in 2017, nearly three-quarters of all major mining pools are based in either China (58%) or in the United States (16%).34 Some countries and regions where significant cryptocurrency mining activities have been identified include Australia, Canada, Georgia, Russia, and Sweden, as shown in Figure 1.35 29 Spyros Foteinis, “Bitcoin’s Alarming Carbon Footprint,” Nature, vol. 554 (February 2018), p. 169, https://www.nature.com/articles/d41586-018-01625-x. 30 Stuart Wimbush, “Cryptocurrency Mining Is Neither Wasteful nor Uneconomic,” Nature, vol. 554 (March 2018), p. 443, https://www.nature.com/articles/d41586-018-03391-2. 31 For further information on common algorithms, see Merlinda Andoni, Valentin Robu, and David Flynn, et al., “Blockchain Technology in the Energy Sector: a Systematic Review of Challenges and Opportunities,” Renewable and Sustainable Energy Reviews, vol. 100 (2019), pp. 148-151. 32 For more detail and examples of different government approaches to addressing cryptocurrencies, see CRS Report R45440, International Approaches to Digital Currencies, by Rebecca M. Nelson. 33 Ibid. 34 Garrick Hileman and Michel Rauchs, Global Cryptocurrency Benchmarking Study, Cambridge Centre for Alternative Finance, Cambridge, UK, 2017, https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/ alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf. 35 “Data was collected from company websites, press releases, news articles, public forums, social media, and insights from industry experts. When available, the research team aggregated the capacity of regional facilities measured in megawatt (MW) and estimated the level of mining activity in each country.” Michel Rauchs, et. al. “2nd Global Cryptoasset Benchmarking Study,” University of Cambridge, December 2018, https://www.jbs.cam.ac.uk/fileadmin/ Congressional Research Service 7PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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