Can Bitcoin Mining Increase Renewable Electricity Capacity?

Bruno, August; Weber, Paige; Yates, Andrew J.

doi:10.2139/ssrn.4241613

Cited by 2 publications

(4 citation statements)

References 10 publications

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“…Therefore, the VPP is not physical, but rather a virtual entity that contains commercial and technical units that highly depend on its software and communication links within it, Figure 9. Thus, the VPP's management, when based on a smart grid, needs to contribute to a greater and better integration of renewable sources into the system [60][61][62][63]. As a result, a number of outstanding questions need to be resolved regarding integration of distributed generators and providing their voltage increase control for the main network.…”

Section: Virtual Power Plants (Vpp)mentioning

confidence: 99%

“…Sustainability 2023, 15, x 21 of 29 sources into the system [60][61][62][63]. As a result, a number of outstanding questions need to be resolved regarding integration of distributed generators and providing their voltage increase control for the main network.…”

Section: Virtual Power Plants (Vpp)mentioning

confidence: 99%

“…A rapid glance at Figures 2 and 5 reinforces the conceptual understanding of the complexity of interconnectivity, and the resulting energy consumption involved. Figure 10 builds a schematic of the expanding connectivity based on the simplest of transaction protocols, i.e., a signal from one component computer in the multicomponent network and a corresponding return confirmation signal to establish the ledger replica process [63,64]. The connectivity follows the mesh topology, and Figure 10 shows the minimum connectivity needed to maintain a link between all nodes, i.e., every device (node) is connected to another device (node).…”

Section: Further Expansion Opportunities and Potential Roadblocks For...mentioning

confidence: 99%

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Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

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Nowadays, fossil fuels are used in a clearly unsustainable way that can bring potentially catastrophic consequences. Electricity is currently delivered to end users by generation and energy transmission companies. Previous research shows that the development of modern circular economy sets a need for the re-orientation of socio and economic development of decentralized systems, including energy basis. In addition to being ecological, the use of renewable energy sources also has economic significance by contributing to energy independence. Citizens, industries, local and national authorities become interconnected within emerging novel renewable energy sourcing communities, through which they establish trade of energy and, most importantly, models of investing and reshaping the distribution of renewable energy. The modern portfolio management of renewable energy networking is aiming toward decentralized systems of trade, where the consumer becomes a producer (prosumer) within the network, itself managed by users. Excess energy produced in the micro-grid nets within the over-arching national and transnational energy grid should be accounted for and managed with blockchain technology for financial and structural security. The decentralization of the energy market requires the establishment of strict norms that will regulate the market and taxation of profits arising. The extensive literature review on blockchain in the energy sector reflects a very pragmatic and narrow approach to the topic, although it is evident that the distribution of energy within the blockchain would enable economic development through reducing cost and ensuring more secure energy trade. Blockchain technology embeds the related digital codes, in which information will be visible to all, but also secured from hacking and duplicating. However, there are challenges to this paradigm, not least the energy consumption of the extensive nodal mesh required to perform the necessary protocols. This paper aims to provide an overview of the application of blockchain technology and the need for the development of the regulatory system and of potential solutions to the challenges posed. By undertaking an energy consumption analysis of blockchain implementation from first electronic principles, which has not been constructed before in the literature, this paper’s conclusion stresses the future demand for reducing energy consumption and considers the latest findings in the quantum coupling of light signals as a potential for solving the enormous ledger duplication structure problem.

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Section: Virtual Power Plants (Vpp)mentioning

confidence: 99%

Section: Virtual Power Plants (Vpp)mentioning

confidence: 99%

Section: Further Expansion Opportunities and Potential Roadblocks For...mentioning

confidence: 99%

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Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

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“…To the extent that miners use excess electricity generated by renewables, their emissions-intensity can fall below the economywide average. However,Bruno et al (2023) study the case of Bitcoin mining in Texas and find that while Bitcoin mining can increase renewable penetration, it increases CO 2 emissions too.…”

mentioning

confidence: 99%

Cryptocarbon: How Much Is the Corrective Tax?

Hebous

2023

IMF Working Papers

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Can Bitcoin Mining Increase Renewable Electricity Capacity?

Cited by 2 publications

References 10 publications

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

Cryptocarbon: How Much Is the Corrective Tax?

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