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Work item:
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L.Energy_Crypto_currency
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Subject/title:
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Energy consumption of crypto currency
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Status:
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[Carried to next study period]
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Approval process:
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AAP
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Type of work item:
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Recommendation
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Version:
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New
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Equivalent number:
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-
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Timing:
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-
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Liaison:
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-
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Supporting members:
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Huawei Technologies Co., Ltd. (China), Telecommunications and Post Regulatory Authority (Sudan), Argentina
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Summary:
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While Blockchain holds great promises to alleviate sustainability challenges, the immense amount of computing energy required to sustain a blockchain network has also left significant carbon footprints. Studies indicate that the bit coin network has used just under 60 TWh of electricity in a year, placing it ahead of Colombia and just behind Switzerland. The core activity that sustains the Bit coin economy is the production of coin which is achieved by discovering new nodes/blocks upon solving the increasingly complicated mathematic problems (a process dubbed mining). As competition getting stiffer, crypto currency mining demands computing hardware to run longer, burning more electricity, thus leaving behind significant carbon footprint. The energy consumption of crypto currency mining is growing at an alarming rate and projections indicate that it will not slow down for years to come. Therefore, it is imperative to evaluate the environmental impacts of crypto currency mining and develop Recommendation that would mitigate those impacts.
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Comment:
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-
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Reference(s):
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Historic references:
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Contact(s):
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| ITU-T A.5 justification(s): |
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First registration in the WP:
2018-10-02 16:44:18
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Last update:
2021-12-13 20:30:25
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