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Energies 2021, 14, x FOR PEER REVIEW 3 of 24 Energies 2021, 14, 4254 3 of 22 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 respon- sible for 13,000 kg of CO2 emissions for each bitcoin mined, and 40,000 kg of CO2 per hour” for each bitcoin mined, and 40,000 kg of CO2 per hour” and also at a global level involves and also at a global level involves an “annual electricity consumption for bitcoin produc- an “annual electricity consumption for bitcoin production that is currently equivalent to tion that is currently equivalent to 32.56 tera-watts per hour (TWh), this being greater than 32.56 tera-watts per hour (TWh), this being greater than the aggregate consumption of the aggregate consumption of Ireland or Denmark”. It was estimated by [26] that “From Ireland or Denmark”. It was estimated by [26] that “From 1 January 2016 to 30 June 2018, we 1 January 2016 to 30 June 2018, we estimate that mining Bitcoin, Ethereum, Litecoin and estimate that mining Bitcoin, Ethereum, Litecoin and Monero consumed an average of 17, Monero consumed an average of 17, 7, 7 and 14 MJ to generate one USD, respectively”; 7, 7 and 14 MJ to generate one USD, respectively”; during this period the authors estimate during this period the authors estimate that “mining for all 4 cryptocurrencies was re- that “mining for all 4 cryptocurrencies was responsible for 3–15 million tonnes of CO2 sponsible for 3–15 million tonnes of CO2 emissions”. Other estimates can be found in the emissions”. Other estimates can be found in the Cambridge Bitcoin Electricity Consumption Cambridge Bitcoin Electricity Consumption Index, prepared by the Cambridge Centre for Index, prepared by the Cambridge Centre for Alternative Finance (UK), in May 2021 where Alternative Finance (UK), in May 2021 where they estimate, under a model that incorpo- they estimate, under a model that incorporates hash rates, payouts to miners, the efficiency rates hash rates, payouts to miners, the efficiency of mining rigs, among other variables, of mining rigs, among other variables, that Bitcoin mining consumes 124.6 TWh per year, that Bitcoin mining consumes 124.6 TWh per year, surpassing the electricity consumption surpassing the electricity consumption of Pakistan and Norway (120.56 and 124.13 TWh per of Pakistan and Norway (120.56 and 124.13 TWh per year, respectively) and is about to year, respectively) and is about to surpass countries such as Argentina and Ukraine whose surpass countries such as Argentina and Ukraine whose consumption is 125.03 and 128.81 consumption is 125.03 and 128.81 TWh per year, respectively [27]. Therefore, this increasing TWh per year, respectively [27]. Therefore, this increasing energy consumption brings energy consumption brings with it potential environmental problems as a consequence of with it potential environmental problems as a consequence of the boom in cryptocurrency the boom in cryptocurrency mining and trading [28]; “empirical results show a positive mining and trading [28]; “empirical results show a positive correlation between crypto- correlation between crypto-currencies trading volumes and the energy consumption”. In currencies trading volumes and the energy consumption”. In addition, the prediction addition, the prediction shown in Figure 1 shows that consumption will continue to grow. shown in Figure 1 shows that consumption will continue to grow. Figure 1. EsttiimattedeenneerrggyyccoonnsusummpptitoionnfrformomBiBtcitocioninmmininign(gan(annunauliazleidzeTdWThW).hS)o. uSrocue:rOcew: nOwn elaboration using Tableau Desktop Professional Edition and data extracted in May 2021 from the elaboration using Tableau Desktop Professional Edition and data extracted in May 2021 from the University of Cambridge. University of Cambridge. Depending on how such energy is being generated, it can cause an increase in pollu- Depending on how such energy is being generated, it can cause an increase in pollu- tion, aiir polllution being one off tthem [[29,,30]].. There are sseverrall ssttudiies on tthiissiisssuessucch a as s [ [3 31 1] ] “ “t th he e i im mp pa ac ct t d de er ri iv ve ed d f fr ro om m i in nc cr re ea as se ed d e en ne er rg gy y g ge en ne er ra attiio on n ((b by y m miin niin ng g)); ; d do oe es s n no ott c cl le ea ar rlly y generate socioeconomic benefifits for the county and briings enviironmentall iimplliications”; or allso [[32]]whenttheypoiinttoutttthatt““ttheeBiittccoiinbblloocckcchaiinvaalliidattiionprroccesssrreequiirreess specialized hardware and large amounts of ellectriicity,,whiicchttrraanssllattessiinttoassiigniifificcantt carbon footprint”. In addition to the energy consumption directly linked to mining pro- cesses,, there are other associated factors that directly impact environmental sustainability. Inparticular,,someautthors[[7]]poiinttttottheiincrreasseiine--wastteandttheaddiittiionallenergy needstotococuonutnetrearcatcthethheeahteraetleraesledasferdomfrtohme rtihges. rFiogrs.alFlorf tahlel aobfotvhe, naebwov(ea,nndeswust(aind- able) solutions should be devised to mitigate or eliminate the adverse effects derived from Bitcoin mining. Examples of this can be found in [33] who propose the reuse of waste heat derived from cryptocurrency mining in Finland, to heat a multifamily dwelling; similarPDF Image | Cryptocurrency Mining from an Economic and Environmental
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