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Environmental Policies for Green Cryptocurrency Mining

Environmental Policies for Green Cryptocurrency Mining

Volkan Oğhan
ISBN13: 9781799890836|ISBN10: 179989083X|EISBN13: 9781799890843
DOI: 10.4018/978-1-7998-9083-6.ch013
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MLA

Oğhan, Volkan. "Environmental Policies for Green Cryptocurrency Mining." Handbook of Research on Challenges in Public Economics in the Era of Globalization, edited by Şahin Akkaya and Başak Ergüder, IGI Global, 2022, pp. 217-227. https://doi.org/10.4018/978-1-7998-9083-6.ch013

APA

Oğhan, V. (2022). Environmental Policies for Green Cryptocurrency Mining. In Ş. Akkaya & B. Ergüder (Eds.), Handbook of Research on Challenges in Public Economics in the Era of Globalization (pp. 217-227). IGI Global. https://doi.org/10.4018/978-1-7998-9083-6.ch013

Chicago

Oğhan, Volkan. "Environmental Policies for Green Cryptocurrency Mining." In Handbook of Research on Challenges in Public Economics in the Era of Globalization, edited by Şahin Akkaya and Başak Ergüder, 217-227. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-7998-9083-6.ch013

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Abstract

Cryptocurrencies have appeared as a decentralized virtual currency where all users can contribute to the system and special encryption technology is used. Technologies from which cryptocurrencies originate are also promising technologies. Cryptocurrency mining, one of these technologies, provides a consensus algorithm that ensures the processing and security of the unique ledger. However, this algorithm requires a large amount of processing power for proof of operation, resulting in high levels of electricity consumption. The heat generated by cryptocurrency mining and the carbon emission due to high electricity consumption from fossil fuels will harm national and global efforts on the environment. In this respect, it may be possible to introduce various solutions and suggestions, including government intervention and technological changes in cryptocurrency mining.

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