Bitcoin ja energiankulutus

Abstract

Bitcoin is a peer-to-peer electronic cash system without centralized control. In order to produce new bitcoins, complex mathematical problem is solved in the mining process which uses a lot of electricity. Mining bitcoins requires a proof-of-work mechanism that secures the network and consumes a lot of energy. In this thesis, we study literature on how bitcoin uses energy and what energy sources it uses in its mining process. Also, this thesis aims to bring forth the innovative potential of bitcoin as well as analyze its energy consumption and the prospective future of bitcoin in the energy industry. Research shows that bitcoin mining seeks to use cheap electricity and it can accelerate the generation capacity of renewable energy. The deployment of bitcoin mining can facilitate the transition to a more resilient and cleaner electricity grid. Furthermore, deploying a large amount of new, geographically diverse mining capacity would also strengthen bitcoin network’s security and potentially further establish bitcoin as a sound currency for society.