Issue 9, 2022

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Abstract

Bitcoin mining requires a significant amount of electricity to validate blocks, increasing greenhouse gas emissions. Therefore, major countries such as China, Iran, Russia, Turkey, and Vietnam are banning bitcoin mining to avoid grid imbalances, power failures, and environmental issues. To alleviate these concerns, we conducted a techno-economic analysis of 50 states and a federal district (Washington D.C.) in the US in terms of the feasibility of bitcoin mining using carbon capture and renewable energy. We analyzed the profitability of bitcoin mining in the US states using grid and renewable power resources along with high-temperature and low temperature direct air capture technologies for CO2 capture and storage and methanol as a product. From both economic and environmental perspectives, we evaluated the net CO2 emission for each state to determine its competitive advantages. Overall, this work offers a holistic overview of where bitcoin mining can be economically viable across US states. Additionally, it provides insights into achieving environmentally friendly cryptocurrency mining regulations based on carbon capture and renewable energy and gauging the costs of bitcoin mining powered by the grid and high renewable penetration across the US states while pursuing carbon neutrality.

Graphical abstract: Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

Associated articles

Supplementary files

Article information

Article type
Analysis
Submitted
08 Dec 2021
Accepted
26 Jul 2022
First published
28 Jul 2022

Energy Environ. Sci., 2022,15, 3551-3570

Author version available

Mining bitcoins with carbon capture and renewable energy for carbon neutrality across states in the USA

H. Niaz, M. H. Shams, J. J. Liu and F. You, Energy Environ. Sci., 2022, 15, 3551 DOI: 10.1039/D1EE03804D

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