Assessing the Sustainability of Bitcoin Mining: Comparative Review of Renewable Energy Sources

Abstract

This study conducts a comprehensive assessment of Bitcoin mining's sustainability, concentrating on the incorporation of renewable energy sources such as hydroelectric, wind, solar, and geothermal power. It investigates the adaptability and potential constructive collaboration of these energy systems in the context of the Bitcoin mining scenario. This research presents a detailed understanding of the possibilities and challenges involved with integrating hydro, wind, solar, and geothermal resources into sustainable Bitcoin mining processes by methodically examining energy efficiency, environmental effect, and economic viability. The study contributes to the discussion on establishing a sustainable future for digital currencies by exposing significant connections between renewable energy technology and the cryptocurrency industry. To achieve the stated goals, the study carefully examines the energy usage strongly associated with Bitcoin mining and transaction processing. It investigates the elements that contribute to Bitcoin's energy consumption, addressing the environmental consequences of its energy-intensive activities. The study aims to find feasible techniques for reducing Bitcoin's carbon footprint, to cultivate a thorough understanding of the complex relationship between the digital currency revolution and its environmental consequences. It emphasizes the importance of balancing technical developments with environmental responsibilities. The concept contributes to establishing a conscious and sustainable future for the digital currency ecosystem by addressing the numerous components of Bitcoin's energy usage and advocating a collective commitment to protecting the environment in the face of advancing technology paradigms.