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Energies 2021, 14, 4254 5 of 22 Variable Renewable energy production (Er) Electricity price (Pe) Average annual temperature (T) Legal regulations regarding the cryptocurrency mining process (N) R&D expenditure (Id) Human capital index (Dh) Most Sustainable countries (Msc) Table 1. Selection of variables. Description Electricity production from renewable sources (% of total) Household electricity prices, September 2020 (kWh, USD) Average daily minimum and maximum temperatures for the country legality or illegality of trading in these virtual currencies R&D expenditure as a % of GDP Scale 0–1 Scale 0–100 Source: Own elaboration. Source Environmental Performance Index [39] GlobalPetrolPrices consortium database Climatic Research Unit [45] Cointelegraph [46] y Bit2Me [47] The World Bank, 2021 The World Bank, 2021 University of Yale. Environmental Performance Index (EPI) 2020 variable, we took each country’s data on electricity production from renewable sources. For this purpose, we extracted the data provided by the World Bank, which are elaborated on the basis of the International Energy Agency (IEA) and Organisation for Economic Co-operation and Development (OECD)statistics [44]. The next factor taken into account was the average temperature of the country where cryptocurrency mining is intended to be performed as this process gives off a large amount of heat [18,19] and if mining is performed in a country with mild or low temperatures, the climate itself can help to decrease electricity consumption and pollution as less cooling is needed. To measure this parameter, we took the data related to the annual average temperature (average of daily minimum and maximum temperatures of the country), averaged for the years 1961–1990, from the data provided by the Climatic Research Unit [45]. The next variable used and taken into account when determining an optimal location for the establishment and mining of cryptocurrencies is the legal regulations of the country in question. For this purpose, the legality or illegality of operating with these virtual currencies was consulted. We have only added those countries that have reliably prohibited its operation, while we have taken as “legal operation” those that have not pronounced against it (in spite of a situation of illegality); it is not prohibited, but it is not regulated either. Data on this legal issue were extracted from Cointelegraph [46] and Bit2Me [47]. We also used data related to the development of new mining systems through the relationship between countries that invest more in R&D&I will have an advantage when using more advanced and sustainable mining systems. For this purpose, we used the expenditure on research and development variable (% of GDP) provided by the World Bank [48]. To the above, we added a final variable to take into account and from which data was taken: the human development index. We started from the assumption that those countries that combine a high HDI to- gether with a high investment in R&D&I analyzed above, will be a better place to perform cryptocurrency mining tasks. The analyzed data (human capital index on 0–1 scale) were extracted from [49]. All the above data allowed us to generate Table 1, which includes the selection of variables, as well as to elaborate the dataset included in the appendix as Table A1. Where Y, would be our dependent variable (most sustainable country), Pe would be the price of electricity, Er would be the production of energy from renewable sources, T would be the temperature of the country in question, N would be the regulation (whether or not mining cryptocurrencies is prohibited), Id would be the R&D&I expenditure variable, and finally Dh would be the human capital index variable. 3.2. Methodology Once all the necessary information was compiled in the database that we generated, which appears in the appendix as Table A1, we proceeded to readjust the EnvironmentalPDF Image | Cryptocurrency Mining from an Economic and Environmental
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