Author(s): Dr. Kritika Malhotra and Dr. Jyoti Bhargava

Abstract: The digital currency Bitcoin gained prominence in the aftermaths of worldwide financial crisis when people experienced an attrition of trust. Bitcoin being a decentralized currency is not under the have power over any institution or government as other fiat currencies are when effecting a transaction through blockchain technology. As there is a scarcity of analysis of the impact of bitcoin’s energy consumption and its impact on the environment; a detailed study regarding this will shed some light on the mining of bitcoin, energy required for mining it, how sustainable bitcoin mining is, how this energy is produced in mining bitcoin, and its impact on environment and energy required to cool the hardware or the power-hungry machines which are involved in mining the famous bitcoin. The topic Environmental and Economic Impact of Bitcoin Mining accentuates the implications and challenges that bitcoin faces in an economic environment and beyond. This topic serves as a touchstone for getting a deeper insight relating to the environmental impact the bitcoin has on the environment.

Pages: 111-114 | Views: 341 | Downloads: 124

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