Renewable energy and cryptocurrency: A dual approach to economic viability and environmental sustainability.

ABSTRACT: One of the foremost challenges facing Bitcoin, as the most valuable cryptocurrency operating on a proof-of-work mechanism, is its substantial energy consumption and environmental impact. With the expansion of the Bitcoin market, mining has surged in popularity, particularly in countries where energy and monetary costs are comparatively low. This study aims to assess the impact of utilizing renewable energy from a photovoltaic system for Bitcoin mining, simulating a solar power plant with a 50.91-MW capacity alongside a corresponding Bitcoin mining operation in the United Arab Emirates. Economic evaluations were conducted using comprehensive, historically archived data to ensure results that closely mirror real-world scenarios. Additionally, for a more nuanced comparison, an economic assess

SUBMITTER: Hakimi A 

PROVIDER: S-EPMC11693900 | biostudies-literature | 2024 Nov

REPOSITORIES: biostudies-literature