TECHNOLOGICAL AND ECONOMIC ASPECTS OF USING SOLAR POWER PLANTS IN CRYPTOCURRENCY MINING: ADVANTAGES AND LIMITATIONS
Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 91)Publication Date: 2024-11-30
Authors : Zadorozhna Anna; Balukh Bohdan;
Page : 41-48
Keywords : cryptocurrency mining; ASIC; GPU; CPU; consensus algorithm; Proof of Work; Proof of Stake; coin selection; technical risks; energy efficiency; solar power plants;
Abstract
Introduction. Cryptocurrencies have become an integral part of the modern economic system, offering new opportunities for financial transactions, investment, and asset preservation. The central component of this industry is the mining process, which ensures the functioning of blockchains, the creation of new coins and the verification of transactions. Mining is a complex phenomenon that combines technological, economic and environmental aspects, and its development largely determines the future of the cryptocurrency ecosystem. The growing popularity of mining raises questions about the efficiency of equipment use, the choice of cryptocurrencies, and the impact of technology on energy consumption and the environment. In addition, the transition of many blockchains from the Proof of Work algorithm to Proof of Stake creates new challenges and opportunities for the industry.
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