Cornell University – Cryptocurrency Mining, Green Hydrogen Form ‘Dynamic Duo’ To Halt Climate Change.
Pairing cryptocurrency mining — notable for its excessive consumption of carbon-based fuels — with green hydrogen could provide the foundation for wider deployment of renewable energy, such as solar and wind power, according to a new Cornell Engineering study.
Fengqi You, the Roxanne E. and Michael J. Zak Professor of Energy Systems Engineering in Cornell Engineering, said:
As current cryptocurrency operations now contribute heavily to global carbon emissions, it becomes imperative to explore opportunities to capitalize on the widespread enthusiasm for cryptocurrency as we move towards a sustainable and climate-friendly future.
You and doctoral student Apoorv Lal are authors of “Climate Sustainability Through a Dynamic Duo: Green Hydrogen and Crypto Driving Energy Transition and Decarbonization,” published March 25 in the Proceedings of the National Academy of Sciences.
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Their research shows how coupling the use of energy-intensive cryptocurrency mining with green hydrogen technology – the “dynamic duo”, as they call it – can boost renewable energy sectors.
Apoorv Lal, said:
Building a green hydrogen infrastructure to help produce cryptocurrencies could accelerate renewable energy and create a more sustainable energy landscape.
Using clean energy sources to power blockchain mining operations and power the production of green hydrogen could lead to growing wind and solar power capacity — and expand sustainable energy production across the country, the researchers said.
In its current structure, mining blockchain-based cryptocurrencies in the US could use as much carbon-based energy as the entire country of Argentina, according to a 2022 White House Office of Science and Technology report. Almost all domestic crypto-mining electricity is powered by computing power-hungry consensus mechanisms, known as “proof of work,” which are used to verify crypto-assets.
Preliminary estimates by the US Energy Information Administration indicate that 2023 annual electricity consumption for cryptocurrency mining is likely to represent from 0.6% to 2.3% of all US electricity consumption.
Fengqi You said:
“Recognizing the significant energy demands of cryptocurrency mining, our research proposes an innovative technology solution,”
“By using cryptocurrencies as virtual energy carriers along with the use of green hydrogen, we can transform what was once an environmental challenge into a dynamic force for climate mitigation and sustainability.”
In their research, you and Lal examined individual US states to determine potential energy strengths in each region.
Cryptocurrency support could accelerate the construction of additional energy infrastructure, potentially creating 78.4 megawatt-hours of solar power for every Bitcoin mined in New Mexico, for example, and potentially 265.8 megawatt-hours of wind power for every Bitcoin mined being mined in Wyoming, according to the paper.
Fengqi You said:
“While cryptocurrency currently has a high dollar value (Bitcoin traded for over $67,000 on March 25), you can’t hold it in your hand,”
“It’s virtual. Think of cryptocurrency and energy in the same way – much like a gift card concept. Cryptocurrency can also hold an energy value and this becomes an additional function.
To promote a sustainable future for blockchain-based cryptocurrency, the researchers said, stronger federal policies for climate goals and renewable energy must be promoted.
“Together with green hydrogen, this approach to cryptocurrency not only mitigates its own environmental impact, but pioneers a sustainable path for renewable energy transition,” you said. “It’s a new strategy.”
You are a senior faculty fellow at the Cornell Atkinson Center for Sustainability. Funding for this work was provided by the National Science Foundation.
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Cornell University – Cryptocurrency Mining, Green Hydrogen Form ‘Dynamic Duo’ To Halt Climate Change. source
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