Carbon emission and cost of blockchain mining in a case of peer-to-peer energy trading

Coutinho, Kevin; Wongthongtham, Pornpit; Abu-Salih, Bilal; Saleh, Mousa A. Abu; Khairwal, Neeraj Kumari

doi:10.3389/fbuil.2022.945944

Cited by 3 publications

(2 citation statements)

References 37 publications

(40 reference statements)

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“…For example, it is vital that energy consumption in the trading system does not increase emissions or environmental destruction. Coutinho et al [107] showed P2P energy trading can bring carbon emission savings. Nevertheless, there are some minor risks.…”

Section: Environmentalmentioning

confidence: 99%

Barriers to Peer-to-Peer Energy Trading Networks: A Multi-Dimensional PESTLE Analysis

Sun,

Tavakoli,

Khalilpour

et al. 2024

Sustainability

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The growing adoption of distributed energy production technologies and the potential for energy underutilisation when the energy is produced by non-connected groups has raised interest in developing ‘sharing economy’ concepts in the electricity sector. We suggest that mechanisms, such as peer-to-peer (P2P) energy trading, will allow users to exchange their surplus energy for mutual benefits, stimulate the adoption of renewable energy, encourage communities to ‘democratically’ control their own energy supplies for local development, improve energy efficiency, and create many other benefits This approach is receiving increasing attention across the world, particularly in Germany, the Netherlands and Australia. Nevertheless, the actual development and implementation of these platforms are slow and mostly limited to trial activities. This study investigates the challenges and barriers facing P2P energy trading developments based on previous academic and industry studies. We provide a comprehensive multidimensional barrier analysis through a PESTLE approach to assess the barriers from a variety of perspectives, including the political (P), economic (E), social (S), technological (T), legal (L), and environmental (E) aspects. This approach clarifies the many intersecting problem fields for P2P trading in renewable energy, and the paper identifies a list of such barriers and discusses the prospects for addressing these issues. We also elaborate on the importance of incentive-based P2P market design.

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Section: Environmentalmentioning

confidence: 99%

Barriers to Peer-to-Peer Energy Trading Networks: A Multi-Dimensional PESTLE Analysis

Sun,

Tavakoli,

Khalilpour

et al. 2024

Sustainability

View full text Add to dashboard Cite

show abstract

“…For example, it is vital that energy consumption in the trading system does not increase emissions or environmental destruction. Coutinho et al [106] showed P2P energy trading can bring carbon emission savings. Nevertheless, there are some minor risks.…”

Section: Environmentalmentioning

confidence: 99%

Barriers of Peer-to-Peer Energy Trading Networks: A Multi-dimensional PESTLE Analysis

Sun,

Tavakoli,

Khalilpour

et al. 2023

Preprint

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The growing adoption of distributed energy production technologies, and the potential of energy underutilization when it is produced by non-connected groups, has raised interest in ‘sharing economy’ concepts in the electricity sector. We suggest that mechanisms, such as peer-to-peer (P2P) energy trading, will allow users to exchange their surplus energy for mutual benefits, stimulate the adoption of renewable energy, encourage communities to ‘democratically’ control their own energy supplies for local development, and improved energy efficiency, and create many other benefits This approach is receiving increasing attention across the world, particularly in Germany, the Netherlands and Australia. Nevertheless, the actual development and implementation of these platforms is slow and mostly limited to trial activities. This study investigates the challenges and barriers facing P2P energy trading developments based on previous academic and industry studies. We provide a comprehensive multidimensional barrier analysis through a PESTLE approach to assess the barriers from a variety of perspectives, including the political (P), economic (E), social (S), technological (T), legal (L), and environmental (E) aspects. This approach clarifies the many intersecting problem fields of P2P trading in renewable energy, and the paper identifies a list of such barriers, and discusses the prospects for addressing these issues. We also elaborate on the importance of incentive-based P2P market design.

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The impact of blockchain technology on the environment

Bacevic,

Kocovic,

Ivkovic

et al. 2024

Facta Univ Electron Energ

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This paper focuses on the environmental impact of blockchain technology, particularly on electricity consumption for equipment operation and cooling. During its operation, the device energy is converted into heat, which must be efficiently dispersed. Additionally, the paper examines the rate of mining equipment replacement and the subsequent e-waste concerns. The impact of blockchain technology on the environment is a complex and debated topic. Only the following two aspects are discussed in this paper: 1) Energy Consumption: (a) Positive Impact: Blockchain technology, especially in the context of cryptocurrencies like Bitcoin, has been criticized for its high energy consumption due to the consensus mechanism called Proof of Work (PoW). However, some blockchain networks use alternative consensus mechanisms like Proof of Stake (PoS), which is more energy-efficient, and b) Negative Impact: PoW-based blockchains, such as Bitcoin, require significant computational power, leading to high energy consumption. The environmental impact is a concern, especially if the electricity used comes from non-renewable sources. 2) Mining and E-Waste: (a) Positive Impact: Blockchain technology can help in tracking the supply chain and provenance of minerals, which could reduce the use of conflict minerals and promote ethical mining practices. (b)Negative Impact: The mining of cryptocurrencies involves specialized hardware that becomes obsolete quickly, contributing to electronic waste (e-waste). This can have negative environmental consequences if not properly managed and recycled. The central topic of this paper is electric energy consumption and as a consequence CO2 emission footprint. Because of the fast growth of data centers and mining centers, consumption of electric energy has grown exponentially in the past decade. Together with the consumption of electric energy, CO2 emission grows dramatically.

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Carbon emission and cost of blockchain mining in a case of peer-to-peer energy trading

Cited by 3 publications

References 37 publications

Barriers to Peer-to-Peer Energy Trading Networks: A Multi-Dimensional PESTLE Analysis

Barriers to Peer-to-Peer Energy Trading Networks: A Multi-Dimensional PESTLE Analysis

Barriers of Peer-to-Peer Energy Trading Networks: A Multi-dimensional PESTLE Analysis

The impact of blockchain technology on the environment

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