The Carbon Footprint of Blockchain: Environmental Impact

Abstract

Blockchain technology is a sequence of interconnected blocks comprising secure and transparent peer-to-peer transaction records. It is a combination of blocks with shared memory, resistant to falsification and builds trust; resilience in technology. This chapter provides an overview of blockchain technology, architecture, and applications. It explores the carbon footprint of blockchain system and examines its environmental impacts through case studies on Bitcoin mining, Ethereum, Chia network, food supply chain, Tezos blockchain, and geothermal energy. It also endeavors to analyze energy consumption and Carbon dioxide (CO2) emissions and eventually understand high-power usage, which has led to environmental impacts. The carbon footprint, which is the total greenhouse gas (GHG) emitted, is released at high levels and significantly affects habitats because to its ability to trap atmospheric heat. This chapter also focuses on the mitigation process, namely, renewable energy. The chapter in the conclusion underscores the importance to make blockchains more environmentally sustainable.