Sustainable Crypto Mining in India: A Quest for Efficiency and Cost Reduction
Sowmiya Raman, Deepak K , Jigyansh Khatri , Kanishka Modi, Rohit Jain , Shankar Prasad
Cryptocurrency Mining, PoW– Proof of work, PoS – Proof of stake, PoA – Proof of Authority, Cloud Mining, Blockchain Technology
Cryptocurrency mining has garnered worldwide attention as it underpins decentralized digital currencies. Miners, who validate and record transactions on blockchain networks, are rewarded with cryptocurrencies for their computational efforts, making this activity both enticing and potentially profitable. However, crypto mining is not without its challenges, especially in regions with high electricity costs, such as India. In this research, we explore strategies for sustainable crypto mining in India, with a focus on how the adoption of renewable energy sources like solar and wind power can reduce electricity expenses, increase profitability, and contribute to environmental sustainability. We will delve into the intricacies of crypto mining profitability, the cost of electricity in India, and the pros and cons of sustainable mining practices. Furthermore, we will investigate India's potential as a hub for sustainable crypto mining, presenting various strategies for cost reduction through the use of sustainable energy sources.
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Unique Paper ID: 162778

Publication Volume & Issue: Volume 10, Issue 11

Page(s): 1 - 10
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