The potential for blockchain technology to profoundly disrupt the world as we know it is enormous. The financial system is often seen as the most vulnerable industry primed for disruption. This technology has the potential to disrupt a variety of industries, including aerospace and defence, supply chain and logistics, and energy management, most notably decentralised micro-grid systems.
- Examine the common misconceptions about the environmental impact of Blockchain mining
- Analyse the options for transitioning blockchain mining away from fossil fuels and towards variable renewable energy sources (vRES)
A blockchain is a technology that serves as the basis for digital assets. Bitcoin and Ethereum, the two most popular digital assets, account for 59% of the entire industry. This working paper will explore the energy consumption of blockchains, more precisely the bitcoin blockchain. Bitcoin is a digital currency that can be transferred directly between users through the peer-to-peer bitcoin network, eliminating the need for intermediaries.