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Cryptocurrency that solves the energy problem

Октябрь 2, 2012

cryptocurrency that solves the energy problem

Commentary: The crypto industry, including Bitcoin, has an energy problem, and needs to focus on carbon removal and neutrality. “Understudied currencies add nearly 50 per cent on top of bitcoin's energy hunger, which already alone may cause considerable environmental. If only you understood that crypto currencies are doing completely useless computations. It is a complete waste of energy, period. Comparing it. FATWA FOREX ARAB SAUDI EMBASSY

Proof-of-work PoW is a decentralized consensus method in which network participants solve a random mathematical puzzle to secure the system. Figure 1 Working of the proof-of-work algorithm. The amount of energy required by cryptocurrency mining is expected to increase as bitcoin usage expands and mining efficiency drops.

Mining bitcoin is a competitive activity, and as crypto blockchains become longer and the rivalry for crypto rewards intensifies, so does the required processing power. As the need for processing power grows, crypto networks require more electricity. To address this issue, we have used renewable energy mining, GPU undervolting, and GPU overclocking techniques in this study, which reduces both energy consumption and e-waste by mainly utilizing renewable energy.

This will have a huge impact on cryptocurrency mining in the future, as well as an increase in the use of renewable energy sources for mining cryptocurrency, both of which are environmentally friendly. When compared to prior studies [ 1 , 9 , 11 — 14 ] in this work, we have incorporated a few approaches that will help miners to mine cryptocurrencies with maximum profitability and get the most out of their mining rigs while lowering power and resource usage: i Using renewable energy as the main energy source for mining cryptocurrency, as mining rigs consume a lot of electricity today and the electricity consumption of cryptocurrency is high as it can be compared to the power consumption of few countries; with this technique, we can reduce the power consumption as well as its impacts on the environment.

This article presents mining cryptocurrency with renewable energy as its main source of electricity and helps the miner to attain maximum mining profits with lower electricity footprint, which also reduces the e-waste significantly. The rest of this article is divided into the sections listed as follows. Section 4 contains experimental results, whereas Section 5 provides a detailed explanation of the results obtained using the accepted methodology.

Section 6 concludes the work and discusses its future scope. Background Before we look into the performance and evaluation of cryptocurrency mining and see how effectively we can mine cryptocurrency with renewable energy, we must first understand a few fundamentals about cryptocurrency mining.

In this section, we will briefly discuss blockchain in cryptocurrency, cryptocurrency mining, the use of renewable energy for mining, the hardware required for mining, and mining efficiency for cryptocurrency with renewable energy as a source. The main reason for using renewable energy as our main source of electricity is because it not only reduces the cost of mining but also helps the environment significantly, and the traditional power we all are using now causes damage to our environment as carbon emission, which are being emitted while generating the power is really harmful; even though mining is not huge now, in the coming future, it is going to big, and it is important to mine and get profits, but at the same time, it is important to take care of the environment as well.

Blockchain in Cryptocurrency A blockchain may be a distributed info that may be accessed by network nodes. A blockchain is a distributed digital information that holds data. In cryptocurrency systems like bitcoin, blockchains are well-known for firmly storing a decentralized record of transactions.

Blockchain improves to integrate and secure data from third party [ 9 , 10 ]. A blockchain associated an everyday information store knowledge in essentially completely different ways. A blockchain organizes data into blocks; every of that contains a group of data.

Once the freshly inserted block is combined into a replacement block, all further information is added to the chain [ 10 ]. A database organizes data into tables, whereas a blockchain organizes data into linked blocks, because the name suggests.

This info creates an irreversible data chronology when used localized [ 10 ]. A completed block is additional to the timeline indefinitely. A timestamp is assigned to each new block when it is added to the chain [ 10 , 15 ]. In Figure 2 , the flow of cryptocurrency transactions in the blockchain is mentioned, and this process is the same for all cryptocurrencies.

Figure 2 Transaction of cryptocurrency in blockchain. Cryptocurrency Mining Mining is the process of producing a cryptocurrency. Mining is a highly competitive, energy-intensive activity that requires cutting-edge technologies. By contributing their computer capacity to the network, miners solve artificial mathematical problems, algorithms, which form the basis of cryptographic proofs proof-of-work protocol [ 15 ]. Proof-of-work mining guarantees that bitcoin remains a decentralized and dispersed network, with coins allocated equitably in a competitive manner.

Proof-of-work is based on the notion of allowing nodes to compete with one another by utilizing their processing capacity to solve puzzles continually [ 15 , 16 ]. When one of the nodes is fortunate, it is assigned to propose the next block on the blockchain. As a result, the system is entirely decentralized. Nobody gets to choose which node gets to propose the next block.

The nodes continue to solve mathematical puzzles, validate transactions, and distribute cash [ 16 ]. The usage of a lot of computer power in proof-of-work is quite energy-intensive, and besides this, most cryptocurrencies utilize proof-of-work methods, and mining them is also very energy-intensive.

The proof-of-work algorithm is time-consuming and energy-intensive, but it is necessary for preventing double-spending and safeguarding the blockchain and distributed network. It also ensures that currencies are allocated fairly in a competitive system [ 17 ]. In addition to this, the act of producing a new digital coin necessitates the use of big and powerful computers to solve complicated cryptographic riddles, and cryptocurrency mining uses a lot of energy [ 18 ]. Each transaction is confirmed through mining since bitcoin operates on a decentralized network with no central authority.

Bitcoin, the most popular cryptocurrency, consumes around 80 terawatt-hours of power yearly, according to statistics from the University of Cambridge Bitcoin Electricity Consumption Index. Use of Renewable Energy for Mining The ability to deliver adequate energy at the lowest cost is the most important factor for a bitcoin mining center vs physical location. Miners will not pick the source of energy based on whether it has a detrimental influence on the environment but only based on profit.

Due to a paucity of statistics, determining the fraction of mining that uses fossil fuels vs renewable energy is challenging today [ 19 ]. Nonetheless, miners will increasingly pursue renewable energy sources rather than fossil fuels in the long term. The study also implies that, in the long term, it may be more advantageous for miners to pick places where renewable energy is produced despite the marginal cost of renewable energy being lower than that of fossil fuel-generated power [ 19 ].

The cryptocurrency mining sector provides one of the first methods in which players are rewarded for utilizing energy effectively. The amount of energy used by bitcoin mining has been a hotly disputed subject. The initial generation of mining was carried out entirely on general-purpose central processing units CPUs that only executed the code. With the current levels of difficulty, CPU mining is no longer economical. As a result, when people began to use graphics, the second generation of mining formed [ 11 , 20 ].

Instead, use a graphics processing unit GPU. Mining with a GPU needs a basic setup with readily accessible graphics cards. It was also feasible to combine many GPUs to boost mining productivity and revenue. GPUs, on the other hand, used a lot of power and putting together a multi-GPU arrangement necessitated the purchase of expensive gear. Despite this, FPGA mining was short-lived. ASICs, or application-specific integrated circuits, now dominate the mining industry. These are chips that have been specifically developed, produced, and optimized for mining [ 21 ].

It also progressed from being more accessible to individuals to being mined by huge corporations with greater money and, as a result, greater profits [ 21 ]. This is often considerably on top of the worldwide renewable energy in power generation average for [ 22 ]. Additionally, as a result of electricity generation varies throughout the year, bitcoin miners could also be restricted to using low-cost hydropower throughout specific seasons.

It is a viable choice, given the dramatic visit the worth of affordable renewable electricity over the preceding decade [ 25 , 26 ]. New renewable capability made in offers lower power rates than new coal capacity, creating it a viable option for a sector that depends heavily on low-cost electricity [ 26 ]. Proponents of Pow cryptocurrency argue that mining uses excess renewable energy generation, decreasing curtailment and helping to fund renewable energy development, which is the cheapest source of electricity in many regions of the globe [ 12 ].

Despite evidence to the contrary, miners have depended mostly on baseload electricity, which is primarily supplied by fossil fuels [ 13 ]. This, however, offers an intriguing question Will Pow miners follow a historical pattern, exporting energy from places with abundant, and shift to locations with abundant renewables as renewables prices fall [ 27 , 28 ].

Several efforts try to hasten the transition to renewable energy. Table 1 shows energy use, carbon footprint, and cryptocurrency algorithms [ 30 ], with nonrenewable energy sources. Table 1 Annual energy consumption of top 3 cryptocurrencies [ 30 ]. Comparison of Existing Work Compared to previous works, they mainly focused on mining the cryptocurrency and their effect on the environment and their overall energy consumption and carbon footprint [ 28 ].

Mining rigs and GPUs consume a lot of energy for mining cryptocurrency with nonrenewable energy. To reduce this kind of impact, using renewable energy sources is nearly impossible by optimizing the mining rig. In this article, we have implemented a few techniques named overclocking and undervolting. These techniques will help further to optimize the mining rigs and combine them with renewable energy source.

Methodology Before diving into the methods, it is necessary to review recent work on the subject of cryptocurrencies. Table 2 shows a comparison of several cryptocurrencies obtained from early studies. For example, Sankaran et al. It is nearly impossible to consider every single possibility. As a result, we utilized Dogecoin. The previous study discussed the key characteristics of several cryptocurrencies. Taking into account the existing information and improving on it by including other techniques such as undervolting the GPU, utilizing sustainable energy as a source of mining bitcoin would benefit both the environment and the miners.

Table 2 Comparison of previous studies of different cryptocurrencies. Because it is practically difficult to cover every cryptocurrency on the market in [ 31 , 32 ], we chose dogecoin as an example of how mining is done. To demonstrate how this works, consider bitcoin [ 32 ]. Bitcoin is based on a blockchain, which is a decentralized and replicated digital database of transactions that spans a peer-to-peer computer network [ 33 ]. Each block on a blockchain is filled with bitcoin transaction data until it reaches one megabyte in size.

Next, it is up to the bitcoin miners to verify each block to ensure that it is valid and accurate [ 14 ]. Each block comes with a complex, mathematical problem that is extremely difficult to solve. The bitcoin miner that solves this complicated puzzle first wins all the transaction fees and scores BTC rewards [ 34 ].

As such, Bitcoin network needs high powered hardware which use to have rewards to miners with higher-powered hardware while yelling to miners with lower powered internals [ 35 ]. Furthermore, it uses significantly less energy than BTC, which generates a lot of heat and energy [ 36 ]. Scrypt uses fewer resources as a result, allowing miners to create DOGE with less powerful hardware [ 37 ].

The first factor you should consider is that cryptocurrency is extremely volatile [ 38 ]. Here are some other concerns you should consider: increased wear and tear on your hardware [ 38 , 39 ]. Electricity laptops packed with powerful GPUs typically do not have the best battery life, which means miners have to keep it plugged in all day. Consider how this affects their electricity bill [ 39 ]. Energy consumption, Dogecoin, according to data from TRG Datacentres, is less taxing on the environment than bitcoin and Ethereum [ 40 ].

DOGE uses 0. Still, mining is not exactly environmentally friendly, so you may want to keep that in mind [ 40 ]. Because GPU mining is the most popular and well-known technique of cryptocurrency mining that uses only solar renewable energy as a source of electricity, we mined Dogecoin with it.

GPU mining is becoming increasingly popular because of its efficiency and inexpensive cost. To mine bitcoins, GPU setups use graphics cards. A typical setup includes a processor, motherboard, cooling, a rig frame, and two to eight graphics cards, among other things. It is a substantial investment, but it will pay off far faster than, say, a CPU miner. To make the mining process even more efficient, we applied undervolting and overclocking techniques, which allowed GPUs to consume less power while still delivering the same hash rate.

If you decide that you want to build a mining rig and secure a couple of GPUs, you should know that there is a shortage of graphics cards due to the skyrocketing popularity of crypto mining. This drastically reduces their mining performance. Figure 3 is completely about the cryptocurrency mining process, which is from creating a crypto wallet to mining cryptocurrencies.

When you sign up for an account, make sure you keep the provided seed phrase, which is a string of 12 words in a safe place. If you lose it, you can never retrieve your seed phrase. And you will not have access to your crypto wallet anymore. Figure 3 Mining process of cryptocurrency.

One of the best mining software to mine dogecoin is unMineable. Now, you can track how much DOGE you can make per day and determine whether it is worth it for you; at the end, cost of electricity can be reduced using solar as energy source. Which will not only reduce the cost of the electricity which also help the miner to gain more profit out of mining and also helps the environment by reducing the usage of fossil fuel in the long run. In the experimentation results, you can see how effectively one can gain profit with this method.

In Figure 4 , the research workflow, which is being adopted in this article, is described through a detailed block diagram. The flow chart in Figure 5 represents the workflow that we followed for the work; first, we decided which cryptocurrency to mine; we chose Dogecoin because it is nearly impossible to mine every cryptocurrency out there, and Dogecoin is clearly mineable at the time we are writing this paper as it is still in proof-of-work.

He cited the use of fossil fuels for bitcoin mining as a reason. It's an issue that some blockchain evangelists think they can solve — and potentially open the door to more widespread adoption of the technology. So this decentralized thing, this crypto thing, it's not going anywhere, but there's also a much better way to do it. And for some cryptocurrencies, it's already in use. Proof of work To understand the implications of proof of stake, it's important to first detail the way bitcoin currently works: a system called proof of work.

The idea for bitcoin is generally recognized to have emerged out of a white paper published in by an anonymous author who used the pseudonym Satoshi Nakamoto. It laid out the idea for proof of work, in which separate parties take on the task of verifying the records and transactions stored in a blockchain. The underlying code of the bitcoin system governs the process, rather than any central authority. In order to participate, bitcoin miners need to use specially constructed computers and have access to a lot of energy.

Currently, those computers are in short supply but in high demand. At their core are specialized computer chips and semiconductors, both of which are in a global shortage that has already affected the manufacturing of automobiles, laptops and smartphones. The decentralized network of specialized computers, called "rigs" or "mining rigs," works hard to solve very complex mathematical equations.

By solving the equation, they verify that the blockchain is accurate. People who participate in this verification process are called miners and they are rewarded for their efforts in the form of cryptocurrency, in this case, bitcoin. The process is energy intensive.

In order to verify that the record is accurate, so-called bitcoin miners expend a significant amount of computing power. The miners verifying the records are then rewarded for their expenditures with bitcoin. The security of the system is built into the enormous amount of computing power that is required to run it. In order to hijack the records, an entity would have to contribute over half of the total computing power. In the case of bitcoin, this would be prohibitively expensive and, due to the shortage of hardware, is not feasible.

And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger. The Cambridge Center for Alternative Finance , a part of the Cambridge Judge Business School, found that bitcoin uses about terawatt-hours per year, which is similar to what Malaysia and Sweden use.

Proof of stake Proof of stake takes a different approach to security by ensuring trust in a more old-fashioned currency: money. To participate in the blockchain verification process in proof of stake, users create a node, that node can be run by one person or by a pool of people working together. You can think of a node as a computer. The node is required to prove its trustworthiness by locking away a certain amount of crypto coins, the same type generated by the blockchain they are verifying.

Imagine putting a deposit in escrow or locking it in a security bond. This process of locking away is called staking. For each block of transactions that needs to be verified, one node is selected by an algorithm that takes many factors into account to both reward those with more coins staked and prevent one node from getting too much control over the process.

That node is responsible for checking and publishing or adding the block to the chain. Then all the other nodes get some time to make sure that everything looks good. If there is a mistake or fraud, the node that published the problematic block is punished by having some or all of their staked coins destroyed. But if everything looks good, that node is rewarded with more coins. This is both the security mechanism for the blockchain and the motivator for participation.

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But can energy-hungry cryptocurrencies such as bitcoin ever be compatible with climate targets?

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Bitcoin's Energy Consumption Problem

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