Sustainable Energy-based Cryptocurrency Mining
- Resource Type
- Conference
- Authors
- Liang, Yingqi; Saner, Can Berk; Kwang Lim, Bryan Min; Hong, Kai Tseng; Chong Lim, Jeffrey Wei; Hwee Ho, Keeve Juin; Lim, Li Zheng; Loh, Yun Ying
- Source
- 2022 IEEE PES Innovative Smart Grid Technologies - Asia (ISGT Asia) Innovative Smart Grid Technologies - Asia (ISGT Asia), 2022 IEEE PES. :789-793 Nov, 2022
- Subject
- Components, Circuits, Devices and Systems
Power, Energy and Industry Applications
Transportation
Renewable energy sources
Analytical models
Asia
Fossil fuels
Cryptocurrency
Smart grids
Power systems
Bitcoin
cryptocurrency mining
sustainable energy
- Language
- ISSN
- 2378-8542
With the growing environmental concerns in energy-intensive cryptocurrency mining, it is crucial to investigate how renewable energy sources can be used to mitigate the negative impacts caused by cryptocurrency mining. This paper systematically analyzes whether cryptocurrency mining using sustainable energy would be a viable business model in the United States. It is found that using a 3.5MW hydropower system to supply energy to 1000 units of Bitcoin Miner S19 and 21 units of ECV18000 FreeCooler is superior both financially and economically over using conventional fossil fuel systems. The results and analysis indicate that the sustainable energy-based cryptocurrency mining has a high potential to promote an environmentally friendly and cost-effective paradigm for mining cryptocurrencies.