Staff View: A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption

A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption

Blockchain already has gained popularity due to its highly secured network and same time enormous computational power consumption has become an undifferentiated debate among the users. A Blockchain network is reliable, secure, transparent, and immutable where the transactions cannot be reversed betw...

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Main Authors:	Islam, Md. Rafiqul, Rashid, Muhammad Mahbubur, Rahman, Mohammed Ataur, Mohamad, Muslim Har Sani, Embong, Abd Halim
Format:	Article
Language:	English
Published:	Science and Information Organization 2022
Subjects:	TP248.13 Biotechnology TP368 Food processing and manufacture
Online Access:	http://irep.iium.edu.my/97780/7/97780_A%20comprehensive%20analysis%20of%20blockchain-based%20cryptocurrency.pdf http://irep.iium.edu.my/97780/ https://thesai.org/Downloads/Volume13No4/Paper_69-A_Comprehensive_Analysis_of_Blockchain_based_Cryptocurrency.pdf
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spelling	my.iium.irep.977802022-05-09T07:31:27Z http://irep.iium.edu.my/97780/ A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption Islam, Md. Rafiqul Rashid, Muhammad Mahbubur Rahman, Mohammed Ataur Mohamad, Muslim Har Sani Embong, Abd Halim TP248.13 Biotechnology TP368 Food processing and manufacture Blockchain already has gained popularity due to its highly secured network and same time enormous computational power consumption has become an undifferentiated debate among the users. A Blockchain network is reliable, secure, transparent, and immutable where the transactions cannot be reversed between sender and receiver. Blockchain technology is not only used for mining cryptocurrency, it has other applications in different sectors like agriculture, education, insurance, etc., but the noticeable concern is still energy consumption. On the other hand, there is a significant impact on the environment due to the use of excessive energy for mining cryptocurrency which releases more carbon dioxide (CO2) in nature. The Proof-of-Work (PoW) algorithm is used for mining ‘Bitcoin’ which is consumed enormous computational power. However, an alternative solution like Proof-of-Stake (PoS) consensus protocol has been proposed to use instead of the Proof-of-Work algorithm for mining cryptocurrencies which is capable to reduce the significant amount of energy consumption. Not only that, but the use of renewable energy can also be an alternate option to use the Proof-of-Work algorithm for mining cryptocurrencies which is environment friendly. This paper aims to highlight blockchain technology, the energy consumption and impact on the environment, energy reducing method by using PoS consensus protocol instead of using the Science and Information Organization 2022-04 Article PeerReviewed application/pdf en http://irep.iium.edu.my/97780/7/97780_A%20comprehensive%20analysis%20of%20blockchain-based%20cryptocurrency.pdf Islam, Md. Rafiqul and Rashid, Muhammad Mahbubur and Rahman, Mohammed Ataur and Mohamad, Muslim Har Sani and Embong, Abd Halim (2022) A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption. International Journal of Advanced Computer Science and Applications (IJACSA), 13 (4). pp. 590-598. ISSN 2156-5570 E-ISSN 2158-107X https://thesai.org/Downloads/Volume13No4/Paper_69-A_Comprehensive_Analysis_of_Blockchain_based_Cryptocurrency.pdf 10.14569/IJACSA.2022.0130469
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English
topic	TP248.13 Biotechnology TP368 Food processing and manufacture
spellingShingle	TP248.13 Biotechnology TP368 Food processing and manufacture Islam, Md. Rafiqul Rashid, Muhammad Mahbubur Rahman, Mohammed Ataur Mohamad, Muslim Har Sani Embong, Abd Halim A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
description	Blockchain already has gained popularity due to its highly secured network and same time enormous computational power consumption has become an undifferentiated debate among the users. A Blockchain network is reliable, secure, transparent, and immutable where the transactions cannot be reversed between sender and receiver. Blockchain technology is not only used for mining cryptocurrency, it has other applications in different sectors like agriculture, education, insurance, etc., but the noticeable concern is still energy consumption. On the other hand, there is a significant impact on the environment due to the use of excessive energy for mining cryptocurrency which releases more carbon dioxide (CO2) in nature. The Proof-of-Work (PoW) algorithm is used for mining ‘Bitcoin’ which is consumed enormous computational power. However, an alternative solution like Proof-of-Stake (PoS) consensus protocol has been proposed to use instead of the Proof-of-Work algorithm for mining cryptocurrencies which is capable to reduce the significant amount of energy consumption. Not only that, but the use of renewable energy can also be an alternate option to use the Proof-of-Work algorithm for mining cryptocurrencies which is environment friendly. This paper aims to highlight blockchain technology, the energy consumption and impact on the environment, energy reducing method by using PoS consensus protocol instead of using the
format	Article
author	Islam, Md. Rafiqul Rashid, Muhammad Mahbubur Rahman, Mohammed Ataur Mohamad, Muslim Har Sani Embong, Abd Halim
author_facet	Islam, Md. Rafiqul Rashid, Muhammad Mahbubur Rahman, Mohammed Ataur Mohamad, Muslim Har Sani Embong, Abd Halim
author_sort	Islam, Md. Rafiqul
title	A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
title_short	A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
title_full	A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
title_fullStr	A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
title_full_unstemmed	A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
title_sort	comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption
publisher	Science and Information Organization
publishDate	2022
url	http://irep.iium.edu.my/97780/7/97780_A%20comprehensive%20analysis%20of%20blockchain-based%20cryptocurrency.pdf http://irep.iium.edu.my/97780/ https://thesai.org/Downloads/Volume13No4/Paper_69-A_Comprehensive_Analysis_of_Blockchain_based_Cryptocurrency.pdf
_version_	1732945015853809664
score	13.211869

A comprehensive analysis of blockchain-based cryptocurrency mining impact on energy consumption

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