Does Crypto Kill? Relationship between Electricity Consumption Carbon Footprints and Bitcoin Transactions

• URL: http://arxiv.org/abs/2206.03227v1
• Date: Mon, 16 May 2022 18:03:45 GMT
• Title: Does Crypto Kill? Relationship between Electricity Consumption Carbon Footprints and Bitcoin Transactions
• Authors: Altanai Bisht, Arielle Wilson, Zachary Jeffreys, Shadrokh Samavi
• Abstract summary: We predict that the carbon footprint of cryptocurrency transactions has a higher dependency on carbon-rich fuel sources than green or renewable fuel sources. We provide a machine learning framework to model such transactions and correlate them with the electricity generation patterns to estimate and analyze their carbon cost.
• Score: 4.7805617044617446
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: Cryptocurrencies are gaining more popularity due to their security, making counterfeits impossible. However, these digital currencies have been criticized for creating a large carbon footprint due to their algorithmic complexity and decentralized system design for proof of work and mining. We hypothesize that the carbon footprint of cryptocurrency transactions has a higher dependency on carbon-rich fuel sources than green or renewable fuel sources. We provide a machine learning framework to model such transactions and correlate them with the electricity generation patterns to estimate and analyze their carbon cost.

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