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Energy Consumption of Cryptocurrencies Beyond Bitcoin

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ll embedded emissions of mining device production as well as e-waste,12 would further complement the picture and reveal the total environmental damage caused by cryptocurrencies. The insights from cryptocurrencies may also be applied to novel blockchain appli- cations that are rapidly maturing. In the energy sector, for instance, an increasing number of blockchain use cases have emerged, ranging from peer-to-peer en- ergy trading to the management of car- bon emissions to mitigate climate change.13,14 Based on the lessons learned from cryptocurrencies, however, it is important to carefully differentiate be- tween energy-hungry algorithms and en- ergy-efficient algorithms (e.g., private/ permissioned networks do not need en- ergy-intense validation processes) and find the right balance between deep de- tails and big picture. SUPPLEMENTAL INFORMATION Supplemental Information can be found online at https://doi.org/10. 1016/j.joule.2020.07.013. ACKNOWLEDGMENTS The authors would like to thank Alexander Rieger for valuable feedback. AUTHOR CONTRIBUTIONS All authors contributed equally. 1. CoinMarketCap (2020). Cryptocurrency Market Capitalization. https:// coinmarketcap.com/. 2. Krause, M.J., and Tolaymat, T. (2018). Quantification of energy and carbon costs for mining cryptocurrencies. Nature Sustainability 1, 711–718. 3. Li, J., Li, N., Peng, J., Cui, H., and Wu, Z. (2019). Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies. Energy 168, 160–168. 4. Digiconomist (2020). Bitcoin Energy Consumption Index. https://digiconomist. net/bitcoin-energy-consumption. 5. CBECI (2020). Cambridge Bitcoin Electricity Consumption Index. https://www.cbeci.org/ . 6. Bevand, M. (2017). Serious faults in Digiconomist’s Bitcoin Energy Consumption Index. http://blog.zorinaq.com/serious- faults-in-beci/. 7. Koomey, J. (2019). Estimating Bitcoin Electricity Use: A Beginner’s Guide 1.0. https://www.coincenter.org/estimating- bitcoin-electricity-use-a-beginners-guide/. 8. Houy, N. (2019). Rational mining limits Bitcoin emissions. Nat. Clim. Chang. 9, 655. 9. Bendiksen, C., and Gibbons, S. (2019). The Bitcoin Mining Network: Trends, Composition, Average Creation Cost, Electricity Consumption & Sources. https:// coinshares.com/assets/resources/Research/ bitcoin-mining-network-december-2019.pdf. 10. Stoll, C., Klaaßen, L., and Gallersdo ̈ rfer, U. (2019). The Carbon Footprint of Bitcoin. Joule 3, 1647–1661. 11. Masanet, E., Shehabi, A., and Koomey, J. (2013). Characteristics of low-carbon data centres. Nat. Clim. Chang. 3, 627–630. 12. Ko ̈ hler, S., and Pizzol, M. (2019). Life Cycle Assessment of Bitcoin Mining. Environ. Sci. Technol. 53, 13598–13606. 13. Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P., and Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renew. Sustain. Energy Rev. 100, 143–174. 14. Howson, P. (2019). Tackling climate change with blockchain. Nat. Clim. Chang. 9, 644–645. 1TUM Software Engineering for Business Information Systems, Department of Informatics, Technical University of Munich, Munich, Germany 2TUM School of Management, Technical University of Munich, Munich, Germany 3MIT Center for Energy and Environmental Policy Research, Massachusetts Institute of Technology, Cambridge, MA, USA 4TUM Center for Energy Markets, TUM School of Management, Technical University of Munich, Munich, Germany *Correspondence: cstoll@mit.edu https://doi.org/10.1016/j.joule.2020.07.013 Commentary Toward High- Voltage Aqueous Batteries: Super- or Low- Concentrated Electrolyte? Dongliang Chao1,* and Shi-Zhang Qiao1,* Dongliang Chao obtained his PhD from Nanyang Technological Uni- versity (NTU, Singapore). He joined the University of California, Los An- geles (UCLA, USA) in 2016 as a joint researcher. He is currently an ARC DECRA Fellow at the University of Adelaide (UoA, Australia), working on electrochemical mechanism and practical application of mate- rials for next-generation safe, low- cost, and scalable energy storage. He is serving as the managing edi- tor of Materials Today Energy. He was recently honored with the pres- tigious Innovators Under 35 (2020, MIT Technology Review), ARC Dis- covery Project (2019), and the Emerging Researcher (2019, Royal Society of Chemistry). Commentary Shi-Zhang Qiao is currently a chair professor at School of Chemical Engineering and Advanced Mate- rials of the University of Adelaide. His research expertise is in nano- structured materials for new energy 1846 Joule 4, 1839–1851, September 16, 2020 a 2020 Elsevier Inc.

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