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Cryptocurrency Mining from an Economic and Environmental

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energies Article Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries Sergio Luis Náñez Alonso * , Javier Jorge-Vázquez * , Miguel Ángel Echarte Fernández and Ricardo Francisco Reier Forradellas 􏰆􏰇􏰈􏰆􏰉 􏰋􏰌􏰍 􏰎􏰏􏰐􏰑􏰒􏰈􏰓 Citation: NáñezAlonso,S.L.; Jorge-Vázquez, J.; Echarte Fernández, M.Á.; Reier Forradellas, R.F. Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries. Energies 2021,14,4254. https://doi.org/ 10.3390/en14144254 Academic Editors: Philipp Bagus and José Antonio Peña-Ramos Received: 15 June 2021 Accepted: 12 July 2021 Published: 14 July 2021 Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affil- iations. Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). DEKIS Research Group, Department of Economics, Catholic University of Avila, 05005 Ávila, Spain; mangel.echarte@ucavila.es (M.Á.E.F.); ricardo.reier@ucavila.es (R.F.R.F.) * Correspondence:sergio.nanez@ucavila.es(S.L.N.A.);Javier.jorge@ucavila.es(J.J.-V.) Abstract: There are different studies that point out that the price of electricity is a fundamental factor that will influence the mining decision, due to the cost it represents. There is also an ongoing debate about the pollution generated by cryptocurrency mining, and whether or not the use of renewable energies will solve the problem of its sustainability. In our study, starting from the Environmental Performance Index (EPI), we have considered several determinants of cryptocurrency mining: energy price, how that energy is generated, temperature, legal constraints, human capital, and R&D&I. From this, via linear regression, we recalculated this EPI by including the above factors that affect cryptocurrency mining in a sustainable way. The study determines, once the EPI has been readjusted, that the most sustainable countries to perform cryptocurrency mining are Denmark and Germany. In fact, of the top ten countries eight of them are European (Denmark, Germany, Sweden, Switzerland, Finland, Austria, and the United Kingdom); and the remaining two are Asian (South Korea and Japan). Keywords: sustainable mining; cryptocurrency mining; energetic sustainability; sustainability; sustainability of cryptocurrencies; cryptocurrencies 1. Introduction The accelerated development of new technologies is transforming the traditional forms and balances of economic and social organization [1]. In particular, the confluence of technological, economic, and socio-cultural factors is changing the conventional ways in which commercial exchanges take place [2] and by extension, payment systems [3]. In recent years, a diverse set of virtual or digital currencies known as cryptocurrencies have emerged strongly that act as means of exchange and adopt the functions of money in this sense, but “unlike traditional currency, is untethered to, and independent from, national borders, central banks, sovereigns, or fiats” [4]. The phenomenon of cryptocurrencies is a controversial reality that has been analyzed from multiple approaches and disciplines ranging from economics, sociology, engineering or political science, among others [5]. One of the aspects that are part of the debate around cryptocurrencies is the significant electrical energy needs required by mining processes and the consequent potential environmental impact [6], which has led some cryptocurrency mining powers such as China to raise the possibility of banning them [7]. On 1 November 2008, few could have imagined the impact and importance that the submission made by “Satoshi Nakamoto” would have. That day, a new “peer-to-peer” [8] electronic payment system was announced on the Metzworld cryptography mailing list, where its operation and features were explained; thus Bitcoin (hereinafter BTC) was born [9]. Its growth over time has increased: both users, price, and also detractors. However, the fact we want to focus on in this article is how the price of Bitcoin was first set with respect to a traditional currency, the US Dollar. This Energies 2021, 14, 4254. https://doi.org/10.3390/en14144254 https://www.mdpi.com/journal/energies

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