Sustainability and Environmental Impact of Mining and Maintaining Cryptocurrencies: A Review

D. Srinivasa Rao, Ch. Rajasekhar, P. M. K. Prasad and G. B. S. R. Naidu

Sustainability and Environmental Impact of Mining and Maintaining Cryptocurrencies: A Review

2024

D. Srinivasa Rao, Ch. Rajasekhar, P. M. K. Prasad and G. B. S. R. Naidu

Cryptocurrency has seen an increased popularity with the introduction of Bitcoins. It has been adapted in several countries and has become an alternate solution to conventional currency. Despite its benefits, some controversies surround the manufacturing of bitcoins. While all the countries are moving to sustainability development and global warming control, Bitcoin production has raised several concerns about environmental pollution and sustainability. The increased carbon emissions and high electrical consumption have accompanied the popularity of cryptocurrency. Hence, there is an immediate need to reduce the carbon footprint and electricity consumption caused by human cryptocurrency for a sustainable future. This study presents the current scenario and trends of worldwide cryptocurrency growth and discusses the environmental impact of cryptocurrency mining. It explores crypto mining worldwide and provides a qualitative review. Further, this article highlights the need to take necessary measures to control cryptocurrency circulation.

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