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Energies 2021, 14, 4254 11 of 22 (EPI), we considered several determinants of cryptocurrency mining: energy price, how this energy is generated, temperature, legal constraints, human capital, and R&D&I. From this, via linear regression, we recalculated this EPI by including the above factors that affect cryptocurrency mining in a sustainable way. The study determines, once the EPI has been readjusted, that the most sustainable countries for mining cryptocurrency are Denmark and Germany. In fact, out of the top ten, eight of them are European (Denmark, Germany, Sweden, Switzerland, Finland, Austria, and the United Kingdom); and the remaining two are Asian (South Korea and Japan). On the opposite side we would find those countries in which performing cryptocurrency mining activity would not be sustainable. In this case, the worst places in terms of environmental impact in mining are South America (Bolivia, Venezuela, and Suriname) and the Caribbean (Cuba). Furthermore, on the African continent, Libya, Sudan, and Nigeria stand out, and in the Middle East, Pakistan and Iraq. Similar techniques to find optimal countries have already been used by [65,66], but in this case applicable to CBDCs. In addition, it must be taken into account that the possible implementation of a CBDC will reduce the demand for cryptocurrencies (even though they are very antagonistic systems), since one is centralized and the other decentralized [67]. In future, cryptocurrencies will become stronger and more usable in everyday life but once CBDCs (central bank digital currencies) are implemented these could overtake cryptocurrencies and weigh down the use and popularity of digital currencies such as Bitcoin. It will depend on whether the central banks finally decide to bet on CBDCs, following in the wake of the leading countries in this implementation (such as Bahamas or China); or not [68]; in the latter scenario having a greater demand for cryptocurrencies. Additionally, it is that as noted by [69] “Bitcoin is still in an embryonic stage and needs to evolve over time especially keeping pace with technological advances”; or also [70] “we refute the hypothesis that cryptocurrencies are sought as an alternative to fiat currencies or regulated finance.” Notwithstanding the above, [71] in their study point out that “the findings show that these technologies are evolving, and organizations are adopting them to gain a competitive advantage; so there does not seem to be a clear trend about their future”. In addition, “The vertiginous development of digital infrastructures together with the globalization of an increasingly agile and reliable network access and interconnection is causing a global digital ecosystem. Its configuration drives the concurrence of multiple disruptive processes” [72]. The study by [40] points out that, using grid electricity, Iran, Russia, and China are the best countries to mine BTC, while using natural gas for power generation, Iran, Canada, and Russia are the best countries to mine BTC. In our study, we took into account sustainable production as a determining factor. Realistically, however, it is unlikely that without incentives this change can be realized. Although difficult, [24] point out that “a site regulation policy that induces changes in the energy consumption structure of mining activities is more effective in limiting carbon emissions”. Along the same lines, the study by [17] analyzes the possible public policies to de-socialize the environmental externalities associated with blockchain technology designs and their excessive energy consumption, identifying for this purpose different fiscal policy options. Furthermore, [73] point out that incentive policies can be a determining factor, “cryptocurrencies offer an additional incentive to electric vehicle users”. One option could be the one pointed out by [74,75] in which tax incentives could play an important role in determining the cryptocurrency mining location, together with favorable legislation [76]. However, in closing, reference should be made to the disciplining effect that cryptocurrencies may have on governments if it becomes a widespread means of payment. As pointed out by [77], “the ability of governments to conduct monetary, fiscal and drug policies would be undermined [ . . . ] and this would be an ethically desirable outcome from both a private property rights and utilitarian perspective”. Furthermore, bearing in mind the possible adverse effects that public aid policies for renewable energies can bring, as the study by [78] points out precisely this negative experience from the experience of Spain. This situation could be used to try to attract cryptocurrency mining, for example, as we canPDF Image | Cryptocurrency Mining from an Economic and Environmental
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