An Efficient Energy Consumption of a Miner Node in a Local Blockchain Network

Abstract

A miner node in a blockchain network is important in validating and incorporating transactions into the blockchain ledger. The mining process demands a good amount of computational power, resulting in high energy consumption. Energy usage has notable environmental consequences, notably in the form of increased carbon emissions, which contribute to global warming and climate change. Existing research works evaluate the energy consumption of the entire blockchain network, encompassing factors like total network energy and the number of nodes. There is a requirement for research work specifically addressing miner nodes within local blockchain networks. In this paper, we present an approach to assess the energy consumption of miner nodes in local blockchain networks. Our analysis considers several key factors that influence energy utilization, including computational power (hashrate), power consumption, and electricity costs. To obtain precise data, we established a local blockchain network where we measured the hashrate and power consumption of the miner node. This empirical data helps us understand the exact amount of energy consumed during miner node activities. In our experiments, we used the Ethereum network to compute the energy consumption associated with various transaction types. Our proposed approach enhances the efficiency of blockchain applications. Also, it solves the environmental impact, contributing to the creation of a more sustainable and eco-friendly blockchain network.