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Energies 2021, 14, 4254 4 of 22 solutions were proposed by [34] in Russia as well as [35] in the case of Canada; or even to design a heat generator (stove), based on the mining of cryptocurrencies, as recently proposed by [36]. Other alternatives proposed to reduce electricity demand consist of incorporating new algorithms that can ensure digital transactions that require reduced energy consumption [6]. Along the same lines, [37] argue that there is a direct relationship between the amount of energy required for proof-of-work and its design. These authors present a proposal consisting of eliminating the nonce and therefore the burden of the proof-of-work as “the main cause of the energy waste in cryptocurrencies such as Bitcoin.” However, the purpose of this article is not to find a solution to the high energy consumption derived from Bitcoin mining as advocated by some authors, nor to propose a solution to the heat given off by computer equipment while solving problems; generating higher electricity consumption and therefore higher CO2 emissions, ultimately affecting climate change. In this article we seek to apply a method that allows us to detect those countries that would be optimal for mining cryptocurrencies, taking into account a number of factors that could contribute to more sustainable mining. To do this, we considered the price of electricity (the lower the cost, the better), the amount of energy generated in a sustainable way (country with more % of clean energy generated), the temperature (assuming that a lower temperature is better, as it implies less consumption for cooling), the legal regulations (not prohibited or incentives), and finally, the development of new mining systems (countries with more R+D+I advantage). According to [24], 75% of BTC mining occurs in China due to the proximity to hardware manufacturers and lower electricity costs. Recently, the Chinese government has banned financial institutions in the country from trading cryptocurrencies. Behind this decision is the attempt to prevent competition with the digital yuan project headed by the People’s Bank of China. This fact, together with the announcement of Tesla’s president not to accept these decentralized digital assets as a means of payment has caused a fall in the quotation during the month of May. One of the arguments used by the car company is the high environmental impact generated by mining, which compromises environmental sustainability. However, from an economic sustainability point of view (i.e., the capacity of this activity to generate profits in the future) it can be indicated that the activity will continue to be profitable in the short term because the volume of transactions is high, but it will tend to decrease because the rewards decrease every few years and as the creation of certain cryptocurrencies progresses it is closer to the established limit. 3. Materials and Methods 3.1. Materials As pointed out by [38], “energy consumption is not the main concern in many blockchain applications”, furthermore, [28] points out about blockchain and mining that “this technology could generate a risk of concentration in the mining industry thus affect- ing nature”. When determining which would be the best countries in which to carry out cryptocurrency mining in a sustainable way (or at least in the least environmentally dam- aging way), it is necessary to take into account those countries that are more sustainable. For this purpose, the Environmental Performance Index [39] has been used as a starting point, which provides a quantitative basis for comparing, analyzing, and understanding the environmental performance of 180 countries; from the point of view of which is the most sustainable and environmentally friendly. As material for analysis, the electricity price of the countries in the sample were taken, as the electricity price is a fundamental factor that will influence the mining decision, derived from the cost it represents [15,16,40]. Energy price data were extracted from the GlobalPetrolPrices consortium database, who, for electricity prices, follow the national averages of 150 countries. For each country, they calculate several data points for different levels of electricity consumption, as prices per kWh vary with consumption [41]. Therefore, mining cryptocurrencies in a country based on the price per kWh will be considered as deterministic [42,43]. For our purpose, it is also necessary to know whether that energy is being produced sustainably. To measure thisPDF Image | Cryptocurrency Mining from an Economic and Environmental
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