Related papers: Green Bitcoin: Global Sound Money
For more than a decade, Bitcoin has gained as much adoption as it has received criticism. Fundamentally, Bitcoin is under fire for the high carbon footprint that results from the energy-intensive proof-of-work (PoW) consensus algorithm.…
Bitcoin demonstrated the possibility of a financial ledger that operates without the need for a trusted central authority. However, concerns persist regarding its security and considerable energy consumption. We assess the consensus…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…
The digital currency Bitcoin has had remarkable growth since it was first proposed in 2008. Its distributed nature allows currency transactions without a central authority by using cryptographic methods and a data structure called the…
Bitcoin is a "crypto currency", a decentralized electronic payment scheme based on cryptography which has recently gained excessive popularity. Scientific research on bitcoin is less abundant. A paper at Financial Cryptography 2012…
Bitcoin and other similar digital currencies on blockchains are not ideal means for payment, because their prices tend to go up in the long term (thus people are incentivized to hoard those currencies), and to fluctuate widely in the short…
Bitcoin is a popular cryptocurrency that records alltransactions in a distributed append-only public ledger calledblockchain. The security of Bitcoin heavily relies on the incentive-compatible proof-of-work (PoW) based distributed consensus…
Smart contracts are cryptographic protocols that are enforced without a judiciary. Smart contracts are used occasionally in Bitcoin and are prevalent in Ethereum. Public quantum money improves upon cash we use today, yet the current…
The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. One particular area at risk are cryptocurrencies, a…
The carbon footprint of Bitcoin has drawn wide attention, but Bitcoin's long-term impact on the climate remains uncertain. Here we present a framework to overcome uncertainties in previous estimates and project Bitcoin's electricity…
There is an urgent need to control global warming caused by humans to achieve a sustainable future. $CO_2$ levels are rising steadily and while countries worldwide are actively moving toward the sustainability goals proposed during the…
Bitcoin is the most successful cryptocurrency so far. This is mainly due to its novel consensus algorithm, which is based on proof-of-work combined with a cryptographically-protected data structure and a rewarding scheme that incentivizes…
Cryptocurrencies are gaining more popularity due to their security, making counterfeits impossible. However, these digital currencies have been criticized for creating a large carbon footprint due to their algorithmic complexity and…
This discussion applies quantitative finance methods and economic arguments to cryptocurrencies in general and bitcoin in particular -- as there are about $10,000$ cryptocurrencies, we focus (unless otherwise specified) on the most…
This study explores the intersection of technological innovation and environmental sustainability in the context of Bitcoin mining. With Bitcoin's growing adoption, concerns surrounding the energy consumption and environmental impact of…
Although Blockchain has been successfully used in many different fields and applications, it has been traditionally regarded as an energy-intensive technology, essentially due to the past use of inefficient consensus algorithms that…
Numerous electronic cash schemes have been proposed over the years - however none have been embraced by financial institutions as an alternative to fiat currency. David Chaum's ecash scheme was the closest to something that mimicked a…
The blockchain initially gained traction in 2008 as the technology underlying bitcoin, but now has been employed in a diverse range of applications and created a global market worth over $150B as of 2017. What distinguishes blockchains from…
Since its advent in 2009, Bitcoin, a cryptography-enabled peer-to-peer digital payment system, has been gaining increasing attention from both academia and industry. An effort designed to overcome a cluster of bottlenecks inherent in…
Cryptocurrencies have recently been in the spotlight of public debate due to their embrace by the new US President, with crypto fans expecting a 'bull run'. The global cryptocurrency market capitalisation is more than \$3.50 trillion, with…