SUSTAINABLE BITCOIN MINING

Aleksa Ristić; Olga Gavrić; Simo Stevanović; Charikleia Karakosta

doi:10.59267/ekoPolj260131R

Authors

Aleksa Ristić Belgrade University, Faculty of Agriculture, Nemanjina 6, 11000 Belgrade, Serbia
Olga Gavrić PhD, assistant professor, Belgrade University, Faculty of Agriculture, Nemanjina 6, 11000 Belgrade, Serbia https://orcid.org/0000-0002-6035-9600
Simo Stevanović PhD, full professor, Belgrade University, Faculty of Agriculture, Nemanjina 6, 11000 Belgrade, Serbia https://orcid.org/0000-0002-9188-5929
Charikleia Karakosta PhD, MSc, Dipl. Eng., Senior Research Associate, National Technical University of Athens https://orcid.org/0000-0002-2500-8880

DOI:

https://doi.org/10.59267/ekoPolj260131R

Keywords:

sustainable development, solar energy, Bitcoin, green mining

Abstract

Bitcoin, as a digital payment asset, has brought abouta kind of revolution in the global market. Despite itsnumerous economic benefits, bitcoin mining has asignificant negative impact on the environment due to itshigh electricity consumption during the mining process.With this in mind, the study analyzed the profitability ofusing green energy, specifically solar energy, for bitcoinmining. Based on the movement of Bitcoin’s value overthe past 50 months, a comparison was made between theprofitability of bitcoin mining using energy from nonrenewable and renewable (green) sources. Subsequently,a minimum Bitcoin value was determined at which itbecomes necessary to cease further green mining andinstead commence the production and sale of solar energyto the utility company. The research also demonstrated thatgreater profit is achieved solely through supplying solarenergy compared to green bitcoin mining.

Downloads

Download data is not yet available.

References

Barbier, E. B., & Burgess, J. C. (2017). The Sustainable Development Goals and the systems approach to sustainability. Economics, 11(1), 20170028.

Derlukiewicz, N., Mempel-Śnieżyk, A., Mankowska, D., Dyjakon, A., Minta, S., & Pilawka, T. (2020). How do Clusters Foster Sustainable Development? An Analysis of EU Policies. Sustainability, 12(4), 1297

Elektroprivreda Srbije, Proizvodnja uglja, https://www.eps.rs/lat/poslovanje-ugalj/ Stranice/Proizvodnja-uglja.aspx (access: June 3rd 2024.)

Emas, R. (2015). The concept of sustainable development: definition and defining principles. Brief for GSDR, 10-13140

Energetski portal, Fid in tarife, https://energetskiportal.rs/ministarstvo/fid-intarife/ (access: June 20th 2024.)

Fonseca, L. M., Domingues, J. P., & Dima, A. M. (2020). Mapping the sustainable development goals relationships. Sustainability, 12(8), 3359

Gogić, P. (2014). Teorija troškova sa kalkulacijama, Poljoprivredni fakultet, Beograd [in English: Gogić, P. (2014). Theory of costs with calculations. Faculty of Agriculture, Belgrade].

Gonzalez, L.,Shi, J. (2006). Defining and Dating Bull and Bear Markets: Two Centuries of Evidence, Multinational Finance Journal, Global Business Publications

Goodstein, E. (2003). Еkonomika i okoliš, Мате, Zagreb [in English: Goodstein, E. (2003). Environmental economics, Mate, Zagreb].

Harris, J. M. (2009). Екоnomija životne sredine i prirodnih resursa, Data Status, Beograd [in English: Harris, J. M. (2009). Environmental economics and natural resources, Data Status, Belgrade].

Hatefi, S.M. & Torabi, S.A. (2010). A common weight MCDC-DEA approach to construct composite indicators. Ecological Economics, 70 (1), 14-120

Klimatizacija.hr, Blog – solarni paneli, https://klimatizacija.hr/ (access: December 28th 2023.)

Majeed, M. T., & Luni, T. (2019). Renewable energy, water, and environmental degradation: A global panel data approach. Pakistan Journal of Commerce and Social Sciences (PJCSS), 13(3), 749-778

Milutinović, S. (2020). Upravljanje prirodnim resursima, Fakultet zaštite na radu, Niš [in English: Milutinović, S. (2020). Natural resources management, Faculty for Occupational safety, Niš].

Pešić, R. (2012). Ekonomika životne sredine i prirodnih resursa, Poljoprivredni fakultet, Beograd [in English: Pešić, R. (2012). Environmental economics and natural resources, Faculty of Agriculture, Belgrade].

Pešić, R. (2020). Ekonomika životne sredine i prirodnih resursa, Poljoprivredni fakultet, Beograd [in English: Pešić, R. (2020). Environmental economics and natural resources, Faculty of Agriculture, Belgrade].

Politika, Domaćinstva, https://www.politika.rs/scc/clanak/455113/Domacinstvau-Srbiji-trose-50-odsto-vise-struje-od-evropskih (access: June 20th 2024.)

Prozjumeri.rs, Solarni kalkulator, https://prozjumer.rs/solarni-kalkulator/ (access: December 28th 2023.)

Radmehr, R., Henneberry, S. R., & Shayanmehr, S. (2021). Renewable energy consumption, CO2 emissions, and economic growth nexus: a simultaneity spatial modeling analysis of EU countries. Structural Change and Economic Dynamics, 57, 13-27

Rai, N. K., Vishwakarma, Y. K., Bardhan, S., & Singh, R. S. (2025). Carbon Footprints and Ecological Footprints: Estimation and Mitigation Practices. In The Intersection of Global Energy Politics and Climate Change: A Comprehensive Analysis of Energy Markets and Economics (pp. 353-371). Singapore: Springer Nature Singapore

Ruggerio, C. A. (2021). Sustainability and sustainable development: A review of principles and definitions. Science of the Total Environment, 786, 147481

Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., & Fuller, G. (2018). SDG index and dashboards report 2018. New York: Bertelsmann Stiftung and Sustainable Development Solutions Network (SDSN)

Salim, R. A., Hassan, K., & Shafiei, S. (2014). Renewable and non-renewable energy consumption and economic activities: Further evidence from OECD countries. Energy economics, 44, 350-360

Selin, Noelle Eckley. “carbon footprint”. Encyclopedia Britannica, 19 Jun. 2024 https://www.britannica.com/science/carbon-footprint (09.07.2024.)

Smil, V. (1991). Does Energy Efficiency Explain Japan’s Economic Success?, Current History p. 175, University of Manitoba, Canada

Stern, D.I. (2010). The Role of Energy in Economic Growth. CCEP working paper 3.10, Centre for Climate Economics & Policy, Crawford School of Economics and Government, The Australian National University, Canberra. https://ageconsearch.umn.edu/record/249380/files/CCEP-3-10.pdf

Stevanović, S., Stevanović S. (2022). Solar Energy as a Renewable Energy Source, International Scientific Conference “Sustainable Agriculture and Rural Development II”, Thematic Proceeding, Institute of Agricultural Economics, Belgrade, February, 2022, p. 353-363. ISBN 978-86-6269-111-8, ISBN (e-book) 978-86-6269-110-1. https://www.iep.bg.ac.rs/images/stories/izdanja/Tematski%20Zbornici/Zbornik%20radova%202022lq.pdf

Stivens, K. (2011). Održivost kao novi kvalitet društvenog i privrednog razvoja, Putokaz ka obnovljivom razvoju, Beograd: Ministarstvo za nauku i tehnološki razvoj, 10-22 [in English: Stivens, K. (2011). Sustainability as a new quality of social and economic development, Sustainable development road map, Belgrade Ministry for science and technological development].

Trading View, Crypto coins screener, https://www.tradingview.com/ (access: December 25th 2023.)

Uredba o tržišnoj premiji i fid-in tarifi. “Službeni glasnik RS”,br. 45/2023-11, br.90/2024-3 dr. uredba, Beograd. https://pravno-informacioni-sistem.rs/eli/rep/sgrs/vlada/uredba/2023/45/3/reg [in English: Regulation on market premium and feed in tarrif “Službeni glasnik RS”,br. 45/2023-11, br. 90/2024-3 dr. uredba, Beograd. https://pravno-informacioni-sistem.rs/eli/rep/sgrs/vlada/uredba/2023/45/3/reg].

Vierda, G. (2018). Sunce kao obnovljivi izvor energije, Sveučilište u Dubrovniku, pomorski odjel, Diplomski studij pomorstvo, Dubrovnik (Diplomski rad);

Visual Capitalist, Bitcoin mining, https://www.visualcapitalist.com/ (access: December 25th 2023.)

Vuković, N. (2012). Osnove verovatnoće . Univerzitet u Beogradu, Fakultet organizacionih nauka, Beograd [in English: Vuković. (2012). Principles of probabilty, Faculty of organizational sciences, Belgrade].

What to mine, Miners, https://whattomine.com/miners (access: December 28th 2023.)

Whatsminer, Products, https://shop.whatsminer.com/products?token=null (access: December 28th 2023.)

World Comission on Envirnoment and Development (1987), Our Common Future, Oxford University Press, Oxford.

Zakon o energetici. “Službeni glasnik RS”, br. 145/2014, 95/2018 - dr. zakon, 40/2021, 35/2023 - dr. zakon, 62/2023., Beograd. https://pravno-informacionisistem.rs/eli/rep/sgrs/skupstina/zakon/2014/145/1/reg [in English: Energy law “Službeni glasnik RS”, br. 145/2014, 95/2018 - dr. zakon, 40/2021, 35/2023 - dr.zakon, 62/2023., Belgrade. https://pravno-informacioni-sistem.rs/eli/rep/sgrs/skupstina/zakon/2014/145/1/reg].

Јоvanović Gavrilović B. (2008). Ciljevi i indikatori održivog razvoja u Еvropi.U: Vujošević, М., Filipović, М. (Ur). Nova generacija evropskih dokumenata održivog razvoja i pouke za Srbiju (str. 31-47). Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta [in English: Јоvanović Gavrilović B. (2008). Indicators and goals of sustainable development in Europe. Vujošević, М., Filipović, М. (Ed). New generation of european documents for sustainable development and lessons for Serbia, (pp. 31-47). Faculty of Economics, Belgrade].