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Some studies suggest that cryptocurrency mining significantly increases energy consumption and carbon emissions, while other studies propose that linking mining to renewable energy and improving mining efficiency can mitigate these environmental impacts.
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Cryptocurrency mining, the process of validating transactions and adding them to the blockchain, has become a significant consumer of energy. This has raised concerns about its environmental sustainability due to the high electricity consumption and associated carbon emissions. This synthesis examines the impact of cryptocurrency mining on energy consumption and environmental sustainability based on recent research findings.
High Energy Consumption and Carbon Emissions:
Impact on Energy Markets and Utilities:
Geographical and Technological Factors:
Potential Solutions and Sustainable Practices:
Economic and Market Dynamics:
Cryptocurrency mining has a substantial impact on energy consumption and environmental sustainability, with energy usage and carbon emissions comparable to those of entire nations. The geographical distribution of mining operations and the efficiency of mining equipment are critical factors influencing this impact. While the growing energy demand poses challenges, potential solutions such as the use of renewable energy sources and more efficient consensus mechanisms offer pathways to mitigate the environmental footprint of cryptocurrency mining. Addressing these issues is essential for aligning the growth of cryptocurrencies with global sustainability goals.
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