Sustainable Energy-based Cryptocurrency Mining
Yingqi Liang, Can Berk Saner, Bryan Min Kwang Lim, Kai Tseng Hong, Jeffrey Wei Chong Lim, Keeve Juin Hwee Ho, Li Zheng Lim, Yun Ying Loh · 2022 IEEE PES Innovative Smart Grid Technologies - Asia (ISGT Asia) · 2022
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.