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Energies 2021, 14, 4254 12 of 22 see, this public aid policy brought adverse results. Finally, as indicated by [79], the classical belief that technological advances do not contribute to increasing social welfare must be abandoned, because “the more technological advances occur, the more suitable work is for human beings, as they can devote themselves to exploiting their personal talents”; and here responsible and sustainable mining can help to ensure the latter statement. Another factor to take into account that may affect miners’ decision making is the possible profit or gain derived from this activity in such a volatile market, with smaller cryptocurrencies being particularly affected, as shown by [80]; or also the possible changes in the profile of people interested in these cryptocurrencies, as pointed out by [81]. It should be noted, as indicated by [82,83], that in a competitive free market environment, the cost of energy would tend to reduce due to business innovation, and therefore this will positively affect cryptocurrency mining as well. 6. Conclusions Led by the success of Bitcoin, other cryptocurrencies such as Ethereum, Ripple, or Dogecoin, to name a few, have emerged and have experienced rapid growth and expansion. Mining is necessary for the operation of these decentralized virtual currencies. To do this, the necessary computer equipment consumes a large amount of energy. In our article, we showed that cryptocurrency mining is not currently being carried out in a sustainable manner, although this could be intuited. We started from the Environmental Performance Index (EPI). From the EPI, we considered several determinants of cryptocurrency mining: energy price, how this energy is generated, temperature, legal constraints, human capital, and R&D. From this, via linear regression we recalculated this EPI by including the above factors that affect cryptocurrency mining in a sustainable way. We detected, based on the new adjusted EPI, that sustainable cryptocurrency mining would currently only be possible if the mining capacity was moved from countries that have scored poorly in our index such as (Venezuela, Libya, Iran, or Malaysia) to other countries where although cryptocurrency is currently mined (Germany or Denmark), if done there, this activity would have a lower impact for the environment and the activity would be more sustainable as the energy needed for mining and cooling of the equipment comes from energy generated in a clean and planet-friendly way. While this seems difficult without a public policy of awareness, accompanied by regulation, recent bans on cryptocurrency mining in China open a window of hope for change. However, awareness policies are needed especially in countries where electric power is cheaper, and legislation is more lax. All this to raise awareness of the environmental damage that this cryptocurrency mining can cause. This brings with it another necessary issue, and that is the firm commitment of the countries, for the sake of a greater production of energy in an environmentally friendly way. Author Contributions: Conceptualization, S.L.N.A.; Data curation, S.L.N.A., J.J.-V. and M.Á.E.F.; Formal analysis, S.L.N.A. and J.J.-V.; Funding acquisition, J.J.-V. and R.F.R.F.; Investigation, S.L.N.A. and J.J.-V.; Methodology, S.L.N.A. and M.Á.E.F.; Project administration, S.L.N.A. and R.F.R.F.; Soft- ware, S.L.N.A., M.Á.E.F. and R.F.R.F.; Supervision, J.J.-V. and R.F.R.F.; Validation, M.Á.E.F. and R.F.R.F.; Visualization, R.F.R.F.; Writing—original draft, S.L.N.A.; Writing—review & editing, J.J.-V. and M.Á.E.F. All authors have read and agreed on the final version of this manuscript. Funding: The APC was partially funded by the incentive granted to the authors by the Catholic University of Ávila. Data Availability Statement: Not applicable. Acknowledgments: We want to thank Tableu Inc. for allowing us to use Tableau Desktop Profes- sional Edition free of charge for scientific purposes. Conflicts of Interest: The authors declare no conflict of interest.PDF Image | Cryptocurrency Mining from an Economic and Environmental
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