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Review

Bitcoin and Renewable Energy Mining: A Survey

Department of Computer Science, California State University, Fullerton, CA 92834, USA
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Blockchains 2023, 1(2), 90-110; https://doi.org/10.3390/blockchains1020007
Submission received: 23 August 2023 / Revised: 13 November 2023 / Accepted: 30 November 2023 / Published: 7 December 2023
(This article belongs to the Special Issue Feature Papers in Blockchains)

Abstract

Bitcoin, the most valuable and energy-consuming cryptocurrency, has recently been at the center of a heated debate over its environmental impact. This controversy has caught the public’s attention, prompting us to investigate the energy consumption of Bitcoin. In this paper, we have conducted a review of the literature on various aspects of Bitcoin mining, including its mechanisms, energy consumption, mining sites, and the potential for renewable energy use. Our findings reveal that the power consumption of Bitcoin is bound to increase with the continued adoption of the proof-of-work (PoW) consensus algorithm. Nonetheless, the growing availability of affordable renewable energy sources worldwide brings hope that Bitcoin mining will shift towards cleaner energy in the near future.
Keywords: blockchain; cryptocurrency; renewable energy; bitcoin mining blockchain; cryptocurrency; renewable energy; bitcoin mining

Share and Cite

MDPI and ACS Style

Tomatsu, Y.; Han, W. Bitcoin and Renewable Energy Mining: A Survey. Blockchains 2023, 1, 90-110. https://doi.org/10.3390/blockchains1020007

AMA Style

Tomatsu Y, Han W. Bitcoin and Renewable Energy Mining: A Survey. Blockchains. 2023; 1(2):90-110. https://doi.org/10.3390/blockchains1020007

Chicago/Turabian Style

Tomatsu, Yusuke, and Wenlin Han. 2023. "Bitcoin and Renewable Energy Mining: A Survey" Blockchains 1, no. 2: 90-110. https://doi.org/10.3390/blockchains1020007

APA Style

Tomatsu, Y., & Han, W. (2023). Bitcoin and Renewable Energy Mining: A Survey. Blockchains, 1(2), 90-110. https://doi.org/10.3390/blockchains1020007

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