PDF Publication Title:
Text from PDF Page: 002
Energies 2021, 14, 4254 2 of 22 price was set at the now defunct online exchange house New Liberty Standard in 2015. The aforementioned online exchange house sold 5050 BTC for 5.02 US Dollars, which is equivalent to one dollar for every 1006 BTC [10]. The Bitcoin mining process is always the same: the “miners” receive a new mathematical problem every ten minutes and the fastest to solve it gets the new coins that are put into circulation [11,12]. This mathematical problem is based on random calculations that aim to find the solution and thus obtain the validation of the block [13]. Whoever deciphers this will get the reward, provided that the rest of the members of the network confirm that the answer is correct. Currently, 6.25 Bitcoins are obtained for each new block validated; this is due to the third Bitcoin halving that took place on 11 May 2020 [14]. We must consider that to this fixed amount of Bitcoins are added the commissions for each of the transactions. The generation of these types of virtual currencies involves the use of a large number of computers working simultaneously, so it implies a large energy expenditure [15,16]. Despite the popularization of this problem, the existing literature on this issue is still scarce. In this context, this article aims to respond to the challenge of ensuring a higher sustainability factor for mining tasks. To this end, it examines, among a very broad set of countries, the profile of those countries that are optimal for carrying out such tasks, giving priority to the sustainability factor. The original contribution of this article is that the analysis is not only limited to the analysis of the economic viability quantified through the different energy costs, but also incorporates a particularly relevant factor in our day, namely, environmental sustainability, into the analysis. For this purpose, the study adopts a mainly empirical analytical method, through the analysis of frequencies and correlations; 144 countries were considered as the study population, of which 133 finally made up the study sample. 2. Literature Review There is currently a great debate in the scientific community about the impact that mining Bitcoin and other cryptocurrencies can have on the environment; and to what extent this exponential growth in mining can have on the objectives established to mitigate climate change [17]. The authors [18,19] point out in their study that “energy-derived emissions from mining could drive global warming above 2 ◦C”. Very illustrative of the above, for the purpose of economically quantifying this impact, is what is collected by [20] in his study that points out that “the results illustrate a scenario where each 1 USD of cryptocurrency coin value created would be responsible for 0.66 UDS in health and climate damages”. On the other hand, other authors such as [21] defend that implausible projections are being made, which are overestimating Bitcoin CO2 emissions in the short term; who are joined by [22] who likewise criticizes “the inclusion of unprofitable mining platforms [ . . . ], thus greatly overestimating emissions”. However, despite the results reported by [18–20], there is currently a great debate in the scientific community about the real impact of cryptocurrency mining on the environment, as other authors, such as [21,22], argue that this impact is overestimated. Furthermore, [23] indicate that in addition to Bitcoin, the expansion of the entire blockchain-based industry must be taken into account when calculating the environmental impact, and they put forward six scenarios. Thus, the authors [24] advocate that “a site regulation policy that induces changes in the energy consumption structure of mining activities is more effective in limiting carbon emissions” arising from cryptocurrency and blockchain mining. All this, referring to China, which as we indicate below currently accounts for 72% of the global hash rate. What is undeniable, beyond the estimates made, is that the mining of cryptocurrencies and the use of blockchain means an increase in energy demand, and that depending on how it is produced, it will have a greater or lesser impact on the environment. It is an indisputable fact that the lack of official statistics on the number of miners and the energy efficiency of their platforms makes it difficult to accurately estimate the environmental impact of mining processes. Despite this, some authors have made an effort to estimate the associated energy consumption. Thus, [25] points out that Bitcoin mining “is responsible for 13,000 kg of CO2 emissionsPDF Image | Cryptocurrency Mining from an Economic and Environmental
PDF Search Title:
Cryptocurrency Mining from an Economic and EnvironmentalOriginal File Name Searched:
energies-14-04254-v2.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
| CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com | RSS | AMP |