Blockchain Infrastructure and Growth of Global Power Consumption

Authors

Abstract

The paper proposes the link between cryptocurrency implementation in the financial sector and energy consumption worldwide. The underlying mechanism of this blockchain infrastructure is described, practical cases of its adoption in various segments of the financial sector are provided. This paper tries to explain the power consumption of the cryptocurrency mining at the case of Bitcoin, Ethereum, Monero, Litecoin. Since mining is not regulated by the state, and even banned in some countries, it is difficult to find accurate data on how much electricity is spent on it. Method of Herfindahl–Hirschman is used for efficiency estimate of crypto market.Keywords: energy consumption, mining pools, bitcoin, blockchain, cryptocurrency, cloud mining.JEL Classifications: G32, G34, O33.DOI: https://doi.org/10.32479/ijeep.7685

Downloads

Download data is not yet available.

Author Biographies

Valeriia Denisova, British College of Banking & Finance London, United Kingdom

Laborant

Alexey Mikhaylov, Financial University under the Government of the Russian Federation

Department of financial markets and banksHead of laboratory, Ph.D in economics

Evgeny Lopatin, British College of Banking & Finance London, United Kingdom

Laborant

Downloads

Additional Files

Published

2019-06-01

How to Cite

Denisova, V., Mikhaylov, A., & Lopatin, E. (2019). Blockchain Infrastructure and Growth of Global Power Consumption. International Journal of Energy Economics and Policy, 9(4), 22–29. Retrieved from https://econjournals.com/index.php/ijeep/article/view/7685

Issue

Vol. 9 No. 4 (2019)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.