Blockchain Mining of Cryptocurrencies as Challenge and Opportunity for Renewable Energy

Rusovs, Dmitrijs; Jaundālders, Sigurds; Stanka, Peteris

doi:10.1109/rtucon.2018.8659867

Cited by 12 publications

(8 citation statements)

References 2 publications

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“…At its current levels of trouble, CPU extraction no more cost-effective. When there was a result, a second wave of mining occurred as individuals began to use graphics [24][25][26].…”

Section: Hardware Required For Miningmentioning

confidence: 99%

“…GPUs, by contrast, consume a lot of electricity, necessitating the acquisition of expensive hardware in order to build a multi-GPU arrangement. FPGAs (arena-programmable entrance matrices) have been introduced in 2011, with the promise of outperforming GPUs in terms of performance and cooling [26,27]. Regardless, FPGA mining was a transitory phenomenon.…”

Section: Hardware Required For Miningmentioning

confidence: 99%

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A Novel Optimization for GPU Mining Using Overclocking and Undervolting

et al. 2022

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Cryptography and associated technologies have existed for a long time. This field is advancing at a remarkable speed. Since the inception of its initial application, blockchain has come a long way. Bitcoin is a cryptocurrency based on blockchain, also known as distributed ledger technology (DLT). The most well-known cryptocurrency for everyday use is Bitcoin, which debuted in 2008. Its success ushered in a digital revolution, and it currently provides security, decentralization, and a reliable data transport and storage mechanism to various industries and companies. Governments and developing enterprises seeking a competitive edge have expressed interest in Bitcoin and other cryptocurrencies due to the rapid growth of this recent technology. For computer experts and individuals looking for a method to supplement their income, cryptocurrency mining has become a big source of anxiety. Mining is a way of resolving mathematical problems based on the processing capacity and speed of the computers employed to solve them in return for the digital currency incentives. Herein, we have illustrated benefits of utilizing GPUs (graphical processing units) for cryptocurrency mining and compare two methods, namely overclocking and undervolting, which are the superior techniques when it comes to GPU optimization. The techniques we have used in this paper will not only help the miners to gain profits while mining cryptocurrency but also solve a major flaw; in order to mitigate the energy and resources that are consumed by the mining hardware, we have designed the mining hardware to simultaneously run longer and consume much less electricity. We have also compared our techniques with other popular techniques that are already in existence with respect to GPU mining.

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“…At its current levels of trouble, CPU extraction no more cost-effective. When there was a result, a second wave of mining occurred as individuals began to use graphics [24][25][26].…”

Section: Hardware Required For Miningmentioning

confidence: 99%

Section: Hardware Required For Miningmentioning

confidence: 99%

A Novel Optimization for GPU Mining Using Overclocking and Undervolting

et al. 2022

View full text Add to dashboard Cite

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“…Refs. [10][11][12] study the use of renewable energy solutions to reduce the environmental impact of cryptocurrency mining. In [13], a dynamic taxation method for cryptocurrency mining businesses is proposed as a policy instrument to reduce carbon emission according to the carbon footprint of the mining farm.…”

Section: Literature Reviewmentioning

confidence: 99%

“…where, 𝜌 yr i is the hash power of replaced device i in THash/s, the sum of which over i is equal to 𝜌 yr T for n devices. To calculate the subsidy, the multiplication of Equation ( 8) by the electricity rate is equated to Equation (11), which is written as follows:…”

Section: The Proposed Electricity Tariff Incentivementioning

confidence: 99%

An approach to targeting cryptocurrency mining loads for energy efficiency enhancement

Hajiaghapour-Moghimi

Hosseini

Hajipour

et al. 2022

IET Generation Trans & Dist

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In recent years, the mining of cryptocurrencies such as Bitcoin has attracted much global attention due to the simplicity and high profitability of this business, especially in countries with low electricity rates. The process of cryptocurrency mining using cryptocurrency mining devices requires a significant amount of computing power. This industry, which is increasingly growing in energy and carbon emissions, can cause environmental concerns. Common ways to reduce this amount of energy consumption are to prohibit mining and charge these loads at a higher electricity rate; however, these solution methods are not feasible and applicable in many countries. This paper presents an energy efficiency program to persuade the customers to mine cryptocurrency using high-efficient cryptocurrency mining devices (CMDs), including informative, regulation, and financial policy instruments. This energy efficiency approach suggests a standard, if implemented, would ban the application of inefficient CMDs, and would encourage the cryptocurrency miners to improve the profitability of their business with high-efficient CMDs through a penaltyreward strategy. The performance of this energy efficiency program is studied through an analysis of data gathered from different CMDs used in Iran. The effectiveness of this suggested program is proved through its sufficient incentives for miners using high-efficient CMDs.

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“…Therefore, the system energy cost is about 2×(N+M)+2.3× K(K-1) J/block. Comparing to the huge energy consumption of mining process in Bitcoin and Ethereum, which consumes nearly 3.6GJ/block [37], our proposed blockchain system can effectively reduce the system energy cost.…”

Section: A Energy Cost Analysismentioning

confidence: 99%

Proof-of-Reputation Based-Consortium Blockchain for Trust Resource Sharing in Internet of Vehicles

et al. 2019

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Resource sharing among vehicles can highly improve the capability and efficiency of Internet of Vehicles (IoV). However, it is challenging to establish trust and preserve privacy during the resource sharing process because of the high mobility and topological variability in IoV. Emerging blockchain technology expresses the excellent performance in handling distributed trust due to its verifiable and immutable ledger. In this paper, we first propose a consortium blockchain-based resource sharing paradigm in IoV, in which the resource sharing interactions are encapsulated as transactions and recorded by Road Side Units (RSUs). Moreover, a lightweight consensus mechanism named as Proof-of-Reputation is proposed to reduce computational power consumption and motivate vehicles involved in resource sharing. Finally a differentiated resource pricing scheme is proposed based on the dynamic match game of resource demand and supply. The reputation value is designed to indicate the trustworthy degree of vehicles, and the trust is established via the consensus procedure. We couple the resource sharing process and consensus together by utilizing the reputation value of each vehicle. The security and privacy analysis as well as simulation experiments on communication performance can verify the efficiency of the proposed blockchain system. INDEX TERMS Internet of Vehicles, lightweight blockchain, trust management. I. INTRODUCTION With the emergence of internet of Vehicles (IoV), various smart devices are linked to enable the fast and efficient applications [1]. IoV is an emerging paradigm to support the evolution of Intelligent Transportation Systems (ITS), which is highly characterized by gathering, sharing, processing, computing, and secure release of data services onto information platforms. IoV shows advantages on providing various services such as autonomous driving, accident alarming and mobile advertising [2], [3]. However, due to the high mobility and short interaction time of vehicles, it is difficult to directly utilize traditional cellular-based communication technologies in IoV to implement latency-sensitive applications. To enable the latency-sensitive applications, Vehicle-to-Vehicle (V2V) communication has emerged as a promising technology for IoV [4]. In this case, the connected vehicles enable a The associate editor coordinating the review of this manuscript and approving it for publication was Shui Yu.

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Blockchain Mining of Cryptocurrencies as Challenge and Opportunity for Renewable Energy

Cited by 12 publications

References 2 publications

A Novel Optimization for GPU Mining Using Overclocking and Undervolting

A Novel Optimization for GPU Mining Using Overclocking and Undervolting

An approach to targeting cryptocurrency mining loads for energy efficiency enhancement

Proof-of-Reputation Based-Consortium Blockchain for Trust Resource Sharing in Internet of Vehicles

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