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Energies 2021, 14, 4254 9 of 22 out, and in the Middle East, Pakistan, and Iraq. This list can be found in Tables 5 and A4 in Appendix A. However, if we compare these results with Figure 3, which shows the average monthly hash rate by country, we can see that cryptocurrency mining is not currently taking place in those countries that would be more sustainable. The hash rate refers to the numerical value within each cryptocurrency used by the proof-of-work. The value indicates the number of computational operations that a miner (or the network of miners as a whole) is capable of performing. All this in order to solve cryptographic puzzles derived from the Energies 2021, 14, x FOR PEER REVIcErWyptographic function used by the cryptocurrency. So, the higher the hash rate, th1e0 mofo2r4e cryptocurrency mining is taking place in that geographic area. Figure 3. Breakdown of average monthly hash rate by country. Source: Own elaboration using Figure 3. Breakdown of average monthly hash rate by country. Source: Own elaboration using Tableau Desktop Professional Edition and data extracted from University of Cambridge: Cam- Tableau Desktop Professional Edition and data extracted from University of Cambridge: Cambridge bridge Bitcoin electricity consumption index. Data from May 2021. Bitcoin electricity consumption index. Data from May 2021. As we can see, China is undoubtedly the center of the world as far as cryptocurrency As we can see, China is undoubtedly the center of the world as far as cryptocurrency mining is concerned, since with the data collected in the previous figure, we can see that mining is concerned, since with the data collected in the previous figure, we can see that almost 72% of the world hash rate is carried out in China [27]. China is not one of the most almost 72% of the world hash rate is carried out in China [27]. China is not one of the most sustainable countries for cryptocurrency mining, in fact, it is in the 41st position in our sustainable countries for cryptocurrency mining, in fact, it is in the 41st position in our calculation of the most sustainable countries (see Table A4 in Appendix A). This implies calculation of the most sustainable countries (see Table A4 in Appendix A). This implies that if some of this mining were to be done in another more sustainable country (from our that if some of this mining were to be done in another more sustainable country (from economic-environmental point of view), the benefits for the environment would be re- our economic-environmental point of view), the benefits for the environment would be markable. Leaving China aside, we focus on other striking places on the map. Firstly, Ven- remarkable. Leaving China aside, we focus on other striking places on the map. Firstly, ezuela, which although it is among the countries with the highest hash rate (even at 0.46) Venezuela, which although it is among the countries with the highest hash rate (even at [27], is the fourth least recommendable country according to our model for mining activity 0.46) [27], is the fourth least recommendable country according to our model for mining (from the point of view of sustainability). Furthermore, noteworthy in Africa is Libya, activity (from the point of view of sustainability). Furthermore, noteworthy in Africa is which is also among the countries with the highest global hash rate (even with 0.6) and is Libya, which is also among the countries with the highest global hash rate (even with 0.6) the third least recommendable country according to our model for mining activity (again and is the third least recommendable country according to our model for mining activity from the perspective of sustainability). Finally, two other parts of the world should be (again from the perspective of sustainability). Finally, two other parts of the world should highlighted: Iran, with a hash rate of 2.67 and Malaysia with 3.82 [27]. These are places be highlighted: Iran, with a hash rate of 2.67 and Malaysia with 3.82 [27]. These are places where consistent cryptocurrency mining activity is taking place. However, neither are where consistent cryptocurrency mining activity is taking place. However, neither are countries that are well positioned according to our model in terms of sustainable mining. countries that are well positioned according to our model in terms of sustainable mining. In fact, Iran is ranked 116th out of 145 countries and Malaysia is ranked 63rd out of 145. In fact, Iran is ranked 116th out of 145 countries and Malaysia is ranked 63rd out of 145. 5. Discussion Electricity demand linked to cryptocurrency transactions has grown immensely in recent years. Several factors have driven this energy consumption. Among them are “the increasing difficulty in mining” and “the large number of new market participants that have been attracted by the elevated prices of this developing financial asset” [59].PDF Image | Cryptocurrency Mining from an Economic and Environmental
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