Search Results (61)

This study examines the environmental implications of energy-intensive cryptocurrency mining activities within the broader sustainability debate surrounding blockchain technologies. Focusing specifically on Bitcoin’s proof-of-work–based mining process, the analysis investigates the long-run relationship between greenhouse gas emissions, network-specific technical variables, and climate policy uncertainty using advanced cointegration and asymmetric causality techniques. The findings reveal a stable long-run association between mining-related activity and emissions, alongside pronounced asymmetries whereby positive shocks amplify environmental pressures more strongly than negative shocks mitigate them. Importantly, these results pertain to the mining process itself rather than to blockchain technology as a whole. While blockchain infrastructures may support sustainable applications in areas such as green finance, transparency, and energy management, the evidence presented here highlights that energy-intensive mining remains a significant environmental concern. Accordingly, the study underscores the need for active regulatory frameworks—such as carbon pricing and the polluter-pays principle—to reconcile the environmental costs of crypto mining with the broader sustainability potential of blockchain-based innovations Full article

Bitcoin halving is a quadrennial event that halves mining rewards and is believed to influence cryptocurrency prices and cryptocurrency market dynamics. This study examines the effect of Bitcoin halving on Cryptocurrency Prices, with Government Regulations, Market Sentiment, and Cryptocurrency Performance as mediating variables. A quantitative research approach was employed, gathering original data via survey instruments from 294 participants within the cryptocurrency community in Bali, which were analyzed using PLS-SEM. The findings indicate that Bitcoin halving exerts a favorable and statistically meaningful influence on Government Regulations, Market Sentiment, Cryptocurrency Performance, and Cryptocurrency Prices. Market Sentiment fully mediates the influence of Government Regulations and Cryptocurrency Performance on Cryptocurrency Prices, while Government Regulations and Cryptocurrency Performance partially mediate the effect of Bitcoin halving. These findings highlight that Cryptocurrency Prices are shaped by the interplay of technical, policy, and psychological factors, with strategic implications for investors, regulators, and developers. Full article

This study conducts a bibliometric review of Bitcoin research in the Business and Economics domains, using VOSviewer to visualize network structures and Bidirectional Encoder Representations from Transformers Topic (BERTopic) to derive semantically coherent topic clusters. The analysis identifies five major research themes: (1) Diversification, hedging, and safe-haven properties; (2) Market dynamics, efficiency, and investor behavior; (3) Bitcoin price and volatility prediction attempts; (4) Environmental impact of Bitcoin; and (5) Financial impact of Central Bank Digital Currency (CBDC). Based on these themes, the study recommends further investigation into the influence of Exchange-Traded Fund (ETF) approvals, regulatory frameworks, and institutional investor participation on Bitcoin’s safe-haven potential; the role of market dynamics and regulatory interventions; early detection of herding behavior and price bubbles; the integration of machine learning and deep-learning models for price prediction; the environmental costs associated with mining; and the evolving regulatory and implementation challenges of CBDCs. Overall, this review synthesizes existing scholarship and outlines future research directions for the rapidly evolving cryptocurrency ecosystem. Full article

Blockchain networks face a critical but understudied threat: wave attacks that exploit difficulty adjustment algorithms through strategic mining participation. Adversaries cyclically withdraw and re-enter mining to create oscillations that degrade network liveness and destabilize honest miners’ revenue. We present the first production-ready framework that maintains network responsiveness while enabling robust, post hoc threat detection. The framework employs a statistically rigorous pipeline featuring controller-aligned anomaly detection, transitive collusion grouping via union-find, and Benjamini–Hochberg False Discovery Rate control. We formally prove the economic viability of this architecture: when penalties on unvested rewards are enabled by governance, wave attacks become asymptotically unprofitable for rational adversaries. Evaluated on a 128-node distributed testbed simulating Bitcoin, Ethereum Classic, and Monacoin networks over 30 independent runs, our framework achieves 92.7% F1-score in detecting attacks, significantly outperforming baseline methods (74.7%). This work provides a complete, theoretically-grounded solution for securing proof-of-work blockchains against difficulty manipulation, forming the foundation for the adaptive AI-driven enhancements presented in our companion paper (Part II). Full article

The integration of Bitcoin into corporate treasuries constitutes a critical strategic choice, motivated by its capacity to bolster liquidity and serve as an inflation hedge, while simultaneously being encumbered by pronounced financial volatility and regulatory ambiguity. This investigation examines sectoral variations in Bitcoin adoption, with particular attention to the manner in which financial risks, regulatory structures, and decentralized governance mechanisms shape corporate conduct across the technology, cryptocurrency mining, retail, healthcare, and e-commerce sectors. Drawing on a cross-sectional dataset encompassing 102 publicly traded firms collectively holding 1,001,861 BTC, the analysis employs MAD-based volatility, Firth logistic regression incorporating a U.S. regulatory dummy to account for the BITCOIN Act of 2025, and heatmap visualization to evaluate risk profiles and adoption patterns. Results demonstrate marked sectoral disparities: the technology and mining sectors command predominant holdings yet confront heightened risk exposure, whereas retail and healthcare sectors proceed with greater caution, guided by considerations of cost-value efficiency and regulatory adherence. The U.S. regulatory dummy is significant, indicating the BITCOIN Act facilitates high Bitcoin adoption, while recent transactional activity is marginally significant. The heatmap accentuates the technology sector’s pre-eminence in aggregate Bitcoin reserves and illuminates the differential influence of regulatory frameworks in non-U.S. jurisdictions. Anchored in Institutional Theory, the Technology Acceptance Model, and Transaction Cost Economics, the study advances the field by quantifying sector-specific risks and visually representing regulatory impacts, thereby furnishing actionable insights for treasury risk management and regulatory policy formulation within a decentralized financial ecosystem. Full article

The global transition to renewable energy requires hybrid solutions that address variability while delivering tangible co-benefits and verifiable mitigation outcomes. This study evaluates a novel small hydropower–photovoltaic (SHP–PV) hybrid system in the Kyrgyz Republic that integrates flexible Bitcoin mining loads and waste-heat recovery for greenhouse heating. A techno-economic model was developed for a 10 MW configuration, allocating annual net generation of 57.34 GWh between grid export and on-site mining through a single decision parameter. Mitigation accounting applies a combined margin grid factor of 0.4–0.7 tCO₂/MWh for exported electricity and a diesel factor of 0.26–0.27 tCO₂/MWh_fuel for heat displacement, yielding Article 6–eligible reductions from both electricity and recovered heat. Waste-heat recovery from mining supplies ≈15 MWh_th/year to a 50 m² greenhouse, displacing diesel use and demonstrating visible sustainable development co-benefits. Economic analysis reproduces annual revenues of ≈$1.9 million, with a levelized cost of electricity of $48/MWh and an indicative IRR of ~6%, consistent with positive but modest returns under merchant operation and uplift potential under mixed allocations. This study concludes that componentized accounting—exported electricity credited under grid displacement and diesel displacement credited from recovered heat—ensures Article 6 integrity and positions SHP–PV hybrids as replicable, multi-service renewable models for Central Asia. Unlike prior hybrid studies that treat generation, economics, and mitigation separately, our framework integrates allocation (α), financial outcomes, and Article 6 carbon accounting within a unified structure, while explicitly modeling Bitcoin mining as an endogenous flexible load with thermal recovery—advancing methodological approaches for multi-service renewable systems in climate policy contexts. Full article

Bitcoin transaction anomaly detection is essential for maintaining financial market stability. A significant challenge is capturing the dynamically evolving transaction patterns within transaction networks. Dynamic graph models are effective for characterizing the temporal evolution of transaction systems. However, current methods struggle to mine long-range temporal dependencies and address the class imbalance caused by the scarcity of abnormal samples. To address these issues, we propose a novel approach, the Bidirectional EvolveGCN with Class-Balanced Learning Network (Balanced-BiEGCN), for Bitcoin transaction anomaly detection. This model integrates two key components: (1) a bidirectional temporal feature fusion mechanism (Bi-EvolveGCN) that enhances the capture of long-range temporal dependencies and (2) a Sample Class Transformation (CSCT) classifier that generates difficult-to-distinguish abnormal samples to balance the positive and negative class distribution. The generation of these samples is guided by two loss functions: the adjacency distance adaptive loss function and the symmetric space adjustment loss function, which optimize the spatial distribution and confusion of abnormal samples. Experimental results on the Elliptic dataset demonstrate that Balanced-BiEGCN outperforms existing baseline methods in anomaly detection. Full article

This study explores integrating Bitcoin mining with lignocellulosic biorefineries to create an additional revenue stream. Profits from mining can help offset internal costs, reduce business expenses, or lower consumer prices. Using sensitivity analysis and Monte Carlo simulations, this study identifies key profitability drivers, such as electricity costs, hardware expenses, starting year, and operational time. Time emerged as an extremely sensitive factor and showed that delaying mining operations significantly raised production costs and the probability of profitable outcomes. In contrast, longer mining durations had a smaller yet sizable impact. Hardware costs, computational efficiency, and electricity prices also strongly influenced the outcomes. The majority of simulated events showed a loss. Moreover, the model showed that the marginal profitability of mining decreases over time. Nonetheless, the model demonstrated that under favourable conditions, it is possible to integrate Bitcoin mining into biorefineries and other productive ventures, thereby allowing for cost recovery using Bitcoin profits. For a biorefinery to mine Bitcoin and maximise cost recovery, it must start early, access low electricity prices, and preserve hardware capital characterised by low expenditure and high revenues. Finally, a discussion about the opportunities, risks, and regulations is highlighted. Full article

The modern electric power-distribution grid is increasingly integrating various components, including distributed sources of renewable energy, electric vehicles (EVs), and Bitcoin-mining operations. This shift signals a transformation in energy management and consumption. The growing presence of solar and wind energy contributes to a more diversified and sustainable energy mix, while the incorporation of EVs advances the pursuit of sustainable transportation. However, the addition of Bitcoin-mining operations introduces new complexities, raising concerns over energy consumption and grid stability. To address these challenges, this study conducted 24-h load-flow analyses on a power system that integrates intermittent renewable sources, Bitcoin-mining farms, and EVs, considering the variability in power demand. The analysis examined changes in bus voltage and power factor throughout the day using a Matlab/Simulink 2016b program. Simulation results indicate that bus voltages remained relatively stable despite the fluctuations in the generation of renewable energy and load variations. However, as the penetration of distributed generation of renewable energy increased, power factors exhibited a significant decline, dropping as low as 0.59 at certain buses due to increased injection of reactive power. At 13:00, during the period of peak generation of solar energy and high EV demand, voltage levels increased by up to 1.1 p.u., while power factors deteriorated significantly. This study highlights the importance of limiting the production of reactive power from local renewable sources under high-production conditions to sustain power factor stability. The findings emphasize the importance of detecting unfavorable system conditions and implementing safeguards to ensure reliable resource management in the evolving landscape of electric power-distribution grids. Full article

Despite the many consensus algorithms being used in blockchains, proof of work (PoW) is still the most common nowadays. The state-of-the-art mining strategy for PoW-based blockchain protocols consists of including as many transactions as possible in a block to maximize the block reward. Unfortunately, this strategy maximizes the block orphaning probability too. Recently, we proposed a rational mining strategy aimed at carefully balancing the trade-off between the block reward and the risk of block orphaning. In this work, we present PROACTION, a PROfitable transACTions selectION greedy algorithm that implements such a strategy. We evaluate the algorithm both analytically and experimentally on Bitcoin by assuming a variable random percentage of winning miners adopting PROACTION. Experiments show that when executing PROACTION, miners gain higher long-term rewards than when using the state-of-the-art strategy. The gain is in the order of the block orphaning probability. This result is particularly relevant for those PoW-based blockchain protocols in which such a probability is significant. Full article

(1) Background: Cryptocurrencies have a substantial environmental impact. In particular, the mining procedure that is employed to produce and finalize the transaction is energy-intensive and generates carbon emissions. Consequently, the objective of the present investigation is to investigate the function of cryptocurrencies in a sustainable development. This research specifically investigates the function of stablecoins, a novel subject in finance and academia that has the potential to foster a sustainable business environment. (2) Methods: A bibliometric analysis was performed using the R statistical programming language together with the bibliometric tools Biblioshiny and VOSviewer to fulfill the research objective. Data were obtained from the Scopus database, and their selection was completed using the PRISMA methodology. (3) Results: The results of the current research highlight the crucial role of stablecoins in promoting an alternative decentralized financial sector, offering a unique opportunity for the market to create a more inclusive and environmentally friendly financial ecosystem. Moreover, research indicates that stablecoins might convert Ethereum into a stable currency and enhance their ecologically friendly path. (4) Conclusions: Stablecoins have become a crucial tool in the unpredictable bitcoin environment, offering stability in a tumultuous market. The research indicates that users need to acknowledge the sustainability of asset collateral, and so far, only the regulation of stablecoins is progressing in this area. Full article

Blockchain has several unique features: data integrity, security, privacy, and immutability. For this reason, it is considered one of the most promising new technologies for a wide range of applications. Initially prominent in cryptocurrencies such as Bitcoin, its applications have expanded into areas such as the Internet of Things. However, integrating blockchain into IoT systems is challenging due to the limited computing and storage capabilities of IoT devices. Efficient blockchain mining requires lightweight hash functions that balance computational complexity with resource constraints. In this study, we employed a structured methodology to evaluate hash functions for blockchain–IoT systems. Initially, a survey is conducted to identify the most commonly used hash functions in such environments. Also, this study identifies and evaluates a lightweight hash function, designated as HashLEA, for integration within blockchain-based IoT systems. Subsequently, these functions are implemented and evaluated using software coded in C and Node.js, thereby ensuring compatibility and practical applicability. Performance metrics, including software efficiency, hardware implementation, energy consumption, and security assessments, were conducted and analyzed. Ultimately, the most suitable hash functions, including HashLEA for blockchain–IoT applications, are discussed, striking a balance between computational efficiency and robust cryptographic properties. Also, the HashLEA hash function is implemented on a Raspberry Pi 4 with an ARM processor to assess its performance in a real-world blockchain–IoT environment. HashLEA successfully passes security tests, achieving a near-ideal avalanche effect, uniform hash distribution, and low standard deviation. It has been shown to demonstrate superior execution time performance, processing 100 KB messages in 0.157 ms and 10 MB messages in 15.48 ms, which represents a significant improvement in execution time over other alternatives such as Scrypt, X11, and Skein. Full article

Bitcoin, which has been used for 13 years, has a role in transactions and investments as a major cryptocurrency. However, as the number of users increases, Bitcoin faces difficulties, such as scalability for transaction throughput and energy-consumption problems due to the concentration of the mining pool. When Bitcoin first started to come out, it began to develop gradually through the mining of individuals. Nevertheless, as the price of the cryptocurrency gradually climbed, large mining corporation groups entered the mining competition with integrated circuit (IC) chips. Consequently, the substantial increase in power consumption is raising concerns regarding energy expenditure. This paper confirms that the verifiable random selection consensus protocol based on proof of work facilitates a fair and efficient system, enabling the participation of numerous individual miners in the mining competition while counteracting the monopolization of the hash rate by large mining corporations, thereby preserving the decentralization of mining. The protocol demonstrates the potential to mitigate substantial energy consumption. Moreover, it embodies features that create barriers to the adoption of high-energy-consuming application-specific integrated circuit equipment, significantly diminishing the principal factors contributing to extensive power utilization. Full article

The environmental impact of Bitcoin mining has raised severe concerns considering the expected growth of 30% by 2030. This study aimed to develop a Life Cycle Assessment model to determine the carbon dioxide equivalent emissions associated with Bitcoin mining, considering material requirements and energy demand. By applying the impact assessment method IPCC 2021 GWP (100 years), the GHG emissions associated with electricity consumption were estimated at 51.7 Mt CO₂ eq/year in 2022 and calculated by modelling real national mixes referring to the geographical area where mining takes place, allowing for the determination of the environmental impacts in a site-specific way. The estimated impacts were then adjusted to future energy projections (2030 and 2050), by modelling electricity mixes coherently with the spatial distribution of mining activities, the related national targeted goals, the increasing demand for electricity for hashrate and the capability of the systems to recover the heat generated in the mining phase. Further projections for 2030, based on two extrapolated energy consumption models, were also determined. The outcomes reveal that, in relation to the considered scenarios and their associated assumptions, breakeven points where the increase in energy consumption associated with mining nullifies the increase in the renewable energy share within the energy mix exist. The amount of amine-based sorbents hypothetically needed to capture the total CO₂ equivalent emitted directly and indirectly for Bitcoin mining reaches up to almost 12 Bt. Further developments of the present work would rely on more reliable data related to future energy projections and the geographical distribution of miners, as well as an extension of the environmental categories analyzed. The Life Cycle Assessment methodology represents a valid tool to support policies and decision makers. Full article

Despite advances in biofuel production and biomass processing technologies, biorefineries still experience commercialization issues. When costs exceed revenues, their long-term economic sustainability is threatened. Although integrated biorefineries have significant global potential due to process integration and product co-generation, it is crucial that they generate a positive net return, thereby incentivizing their continual operation. Nonetheless, research and development into new system designs and process integration are required to address current biorefinery inefficiencies. The integration of Bitcoin mining into biorefineries represents an innovative approach to diversify revenue streams and potentially offset costs, ensuring the economic viability and commercial success of biorefineries. When using bio-H₂, a total of 3904 sats/kg fuel can be obtained as opposed to 537 sats/kg fuel when using syngas. Bitcoin, whether produced onsite or not, is an accretive asset that can offset the sales price of other produced biochemicals and biomaterials, thereby making biorefineries more competitive at offering their products. Collaborations with policy makers and industry stakeholders will be essential to address regulatory challenges and develop supportive frameworks for widespread implementation. Over time, the integration of Bitcoin mining in biorefineries could transform the financial dynamics of the bio-based products market, making them more affordable and accessible whilst pushing towards sustainable development and energy transition. Full article