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These studies suggest that cryptocurrency mining, particularly Bitcoin, has high energy consumption and carbon footprints, negatively impacting environmental sustainability, but linking mining to renewable energy sources and using energy-efficient techniques can mitigate these effects.
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The rapid rise of cryptocurrencies has brought significant attention to their impact on energy consumption and environmental sustainability. As digital currencies like Bitcoin and Ethereum gain popularity, concerns about their substantial energy requirements and associated carbon emissions have become increasingly prominent. This synthesis examines the key insights from multiple research papers on the energy consumption and environmental impact of cryptocurrencies.
High Energy Consumption and Carbon Emissions:
Correlation with Market Dynamics:
Environmental Impact and Sustainability Concerns:
Potential Solutions and Alternatives:
Cryptocurrencies, while innovative and transformative, pose significant challenges to energy consumption and environmental sustainability. The high energy requirements and carbon emissions associated with mining activities are major concerns. However, potential solutions such as the adoption of renewable energy sources and alternative consensus mechanisms offer pathways to mitigate these impacts. Addressing these issues is crucial for ensuring the sustainable development of digital currencies and their integration into future smart cities.
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