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Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries

DEKIS Research Group, Department of Economics, Catholic University of Avila, 05005 Ávila, Spain
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Academic Editors: Philipp Bagus and José Antonio Peña-Ramos
Energies 2021, 14(14), 4254; https://doi.org/10.3390/en14144254
Received: 15 June 2021 / Revised: 12 July 2021 / Accepted: 12 July 2021 / Published: 14 July 2021
(This article belongs to the Special Issue Energy Security and the Transition toward Green Energy Production)
There are different studies that point out that the price of electricity is a fundamental factor that will influence the mining decision, due to the cost it represents. There is also an ongoing debate about the pollution generated by cryptocurrency mining, and whether or not the use of renewable energies will solve the problem of its sustainability. In our study, starting from the Environmental Performance Index (EPI), we have considered several determinants of cryptocurrency mining: energy price, how that energy is generated, temperature, legal constraints, human capital, and R&D&I. From this, via linear regression, we recalculated this EPI by including the above factors that affect cryptocurrency mining in a sustainable way. The study determines, once the EPI has been readjusted, that the most sustainable countries to perform cryptocurrency mining are Denmark and Germany. In fact, of the top ten countries eight of them are European (Denmark, Germany, Sweden, Switzerland, Finland, Austria, and the United Kingdom); and the remaining two are Asian (South Korea and Japan). View Full-Text
Keywords: sustainable mining; cryptocurrency mining; energetic sustainability; sustainability; sustainability of cryptocurrencies; cryptocurrencies sustainable mining; cryptocurrency mining; energetic sustainability; sustainability; sustainability of cryptocurrencies; cryptocurrencies
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MDPI and ACS Style

Náñez Alonso, S.L.; Jorge-Vázquez, J.; Echarte Fernández, M.Á.; Reier Forradellas, R.F. Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries. Energies 2021, 14, 4254. https://doi.org/10.3390/en14144254

AMA Style

Náñez Alonso SL, Jorge-Vázquez J, Echarte Fernández MÁ, Reier Forradellas RF. Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries. Energies. 2021; 14(14):4254. https://doi.org/10.3390/en14144254

Chicago/Turabian Style

Náñez Alonso, Sergio L., Javier Jorge-Vázquez, Miguel Á. Echarte Fernández, and Ricardo F. Reier Forradellas 2021. "Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries" Energies 14, no. 14: 4254. https://doi.org/10.3390/en14144254

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