Mining is a highly competitive, energy-intensive activity that requires cutting-edge technologies. By contributing their computer capacity to the network, miners solve artificial mathematical problems, algorithms, which form the basis of cryptographic proofs proof-of-work protocol [ 15 ].
Proof-of-work mining guarantees that bitcoin remains a decentralized and dispersed network, with coins allocated equitably in a competitive manner. Proof-of-work is based on the notion of allowing nodes to compete with one another by utilizing their processing capacity to solve puzzles continually [ 15 , 16 ].
When one of the nodes is fortunate, it is assigned to propose the next block on the blockchain. As a result, the system is entirely decentralized. Nobody gets to choose which node gets to propose the next block. The nodes continue to solve mathematical puzzles, validate transactions, and distribute cash [ 16 ].
The usage of a lot of computer power in proof-of-work is quite energy-intensive, and besides this, most cryptocurrencies utilize proof-of-work methods, and mining them is also very energy-intensive. The proof-of-work algorithm is time-consuming and energy-intensive, but it is necessary for preventing double-spending and safeguarding the blockchain and distributed network.
It also ensures that currencies are allocated fairly in a competitive system [ 17 ]. In addition to this, the act of producing a new digital coin necessitates the use of big and powerful computers to solve complicated cryptographic riddles, and cryptocurrency mining uses a lot of energy [ 18 ].
Each transaction is confirmed through mining since bitcoin operates on a decentralized network with no central authority. Bitcoin, the most popular cryptocurrency, consumes around 80 terawatt-hours of power yearly, according to statistics from the University of Cambridge Bitcoin Electricity Consumption Index. Use of Renewable Energy for Mining The ability to deliver adequate energy at the lowest cost is the most important factor for a bitcoin mining center vs physical location.
Miners will not pick the source of energy based on whether it has a detrimental influence on the environment but only based on profit. Due to a paucity of statistics, determining the fraction of mining that uses fossil fuels vs renewable energy is challenging today [ 19 ]. Nonetheless, miners will increasingly pursue renewable energy sources rather than fossil fuels in the long term. The study also implies that, in the long term, it may be more advantageous for miners to pick places where renewable energy is produced despite the marginal cost of renewable energy being lower than that of fossil fuel-generated power [ 19 ].
The cryptocurrency mining sector provides one of the first methods in which players are rewarded for utilizing energy effectively. The amount of energy used by bitcoin mining has been a hotly disputed subject. The initial generation of mining was carried out entirely on general-purpose central processing units CPUs that only executed the code. With the current levels of difficulty, CPU mining is no longer economical. As a result, when people began to use graphics, the second generation of mining formed [ 11 , 20 ].
Instead, use a graphics processing unit GPU. Mining with a GPU needs a basic setup with readily accessible graphics cards. It was also feasible to combine many GPUs to boost mining productivity and revenue. GPUs, on the other hand, used a lot of power and putting together a multi-GPU arrangement necessitated the purchase of expensive gear. Despite this, FPGA mining was short-lived. ASICs, or application-specific integrated circuits, now dominate the mining industry.
These are chips that have been specifically developed, produced, and optimized for mining [ 21 ]. It also progressed from being more accessible to individuals to being mined by huge corporations with greater money and, as a result, greater profits [ 21 ]. This is often considerably on top of the worldwide renewable energy in power generation average for [ 22 ]. Additionally, as a result of electricity generation varies throughout the year, bitcoin miners could also be restricted to using low-cost hydropower throughout specific seasons.
It is a viable choice, given the dramatic visit the worth of affordable renewable electricity over the preceding decade [ 25 , 26 ]. New renewable capability made in offers lower power rates than new coal capacity, creating it a viable option for a sector that depends heavily on low-cost electricity [ 26 ]. Proponents of Pow cryptocurrency argue that mining uses excess renewable energy generation, decreasing curtailment and helping to fund renewable energy development, which is the cheapest source of electricity in many regions of the globe [ 12 ].
Despite evidence to the contrary, miners have depended mostly on baseload electricity, which is primarily supplied by fossil fuels [ 13 ]. This, however, offers an intriguing question Will Pow miners follow a historical pattern, exporting energy from places with abundant, and shift to locations with abundant renewables as renewables prices fall [ 27 , 28 ]. Several efforts try to hasten the transition to renewable energy.
Table 1 shows energy use, carbon footprint, and cryptocurrency algorithms [ 30 ], with nonrenewable energy sources. Table 1 Annual energy consumption of top 3 cryptocurrencies [ 30 ]. Comparison of Existing Work Compared to previous works, they mainly focused on mining the cryptocurrency and their effect on the environment and their overall energy consumption and carbon footprint [ 28 ].
Mining rigs and GPUs consume a lot of energy for mining cryptocurrency with nonrenewable energy. To reduce this kind of impact, using renewable energy sources is nearly impossible by optimizing the mining rig. In this article, we have implemented a few techniques named overclocking and undervolting.
These techniques will help further to optimize the mining rigs and combine them with renewable energy source. Methodology Before diving into the methods, it is necessary to review recent work on the subject of cryptocurrencies. Table 2 shows a comparison of several cryptocurrencies obtained from early studies. For example, Sankaran et al. It is nearly impossible to consider every single possibility. As a result, we utilized Dogecoin. The previous study discussed the key characteristics of several cryptocurrencies.
Taking into account the existing information and improving on it by including other techniques such as undervolting the GPU, utilizing sustainable energy as a source of mining bitcoin would benefit both the environment and the miners. Table 2 Comparison of previous studies of different cryptocurrencies. Because it is practically difficult to cover every cryptocurrency on the market in [ 31 , 32 ], we chose dogecoin as an example of how mining is done.
To demonstrate how this works, consider bitcoin [ 32 ]. Bitcoin is based on a blockchain, which is a decentralized and replicated digital database of transactions that spans a peer-to-peer computer network [ 33 ]. Each block on a blockchain is filled with bitcoin transaction data until it reaches one megabyte in size. Next, it is up to the bitcoin miners to verify each block to ensure that it is valid and accurate [ 14 ].
Each block comes with a complex, mathematical problem that is extremely difficult to solve. The bitcoin miner that solves this complicated puzzle first wins all the transaction fees and scores BTC rewards [ 34 ]. As such, Bitcoin network needs high powered hardware which use to have rewards to miners with higher-powered hardware while yelling to miners with lower powered internals [ 35 ]. Furthermore, it uses significantly less energy than BTC, which generates a lot of heat and energy [ 36 ].
Scrypt uses fewer resources as a result, allowing miners to create DOGE with less powerful hardware [ 37 ]. The first factor you should consider is that cryptocurrency is extremely volatile [ 38 ]. Here are some other concerns you should consider: increased wear and tear on your hardware [ 38 , 39 ]. Electricity laptops packed with powerful GPUs typically do not have the best battery life, which means miners have to keep it plugged in all day.
Consider how this affects their electricity bill [ 39 ]. Energy consumption, Dogecoin, according to data from TRG Datacentres, is less taxing on the environment than bitcoin and Ethereum [ 40 ]. DOGE uses 0. Still, mining is not exactly environmentally friendly, so you may want to keep that in mind [ 40 ]. Because GPU mining is the most popular and well-known technique of cryptocurrency mining that uses only solar renewable energy as a source of electricity, we mined Dogecoin with it.
GPU mining is becoming increasingly popular because of its efficiency and inexpensive cost. To mine bitcoins, GPU setups use graphics cards. A typical setup includes a processor, motherboard, cooling, a rig frame, and two to eight graphics cards, among other things.
It is a substantial investment, but it will pay off far faster than, say, a CPU miner. To make the mining process even more efficient, we applied undervolting and overclocking techniques, which allowed GPUs to consume less power while still delivering the same hash rate. If you decide that you want to build a mining rig and secure a couple of GPUs, you should know that there is a shortage of graphics cards due to the skyrocketing popularity of crypto mining.
This drastically reduces their mining performance. Figure 3 is completely about the cryptocurrency mining process, which is from creating a crypto wallet to mining cryptocurrencies. When you sign up for an account, make sure you keep the provided seed phrase, which is a string of 12 words in a safe place. If you lose it, you can never retrieve your seed phrase. And you will not have access to your crypto wallet anymore. Figure 3 Mining process of cryptocurrency.
One of the best mining software to mine dogecoin is unMineable. Now, you can track how much DOGE you can make per day and determine whether it is worth it for you; at the end, cost of electricity can be reduced using solar as energy source.
Which will not only reduce the cost of the electricity which also help the miner to gain more profit out of mining and also helps the environment by reducing the usage of fossil fuel in the long run. In the experimentation results, you can see how effectively one can gain profit with this method. In Figure 4 , the research workflow, which is being adopted in this article, is described through a detailed block diagram.
The flow chart in Figure 5 represents the workflow that we followed for the work; first, we decided which cryptocurrency to mine; we chose Dogecoin because it is nearly impossible to mine every cryptocurrency out there, and Dogecoin is clearly mineable at the time we are writing this paper as it is still in proof-of-work.
We optimized the mining rig, which consists of GPUs, after selecting the coin to mine. Optimizing the mining rig is a complex task because our workflow includes three separate techniques. Using renewable energy to power the GPUs in our mining rig helps to reduce the overall environmental impact, while overclocking and undervolting the GPUs helps us to keep the GPUs running at lower temperatures with zero performance degradation.
After completing these optimization processes, we began mining, which yielded the following results, as shown in Section 4 that is the Experimentation Results section. Figure 4 Research workflow adopted by this paper. Figure 5 Complete methodology flowchart. Experimentation Results In comparison with previous techniques used in many studies, our mining techniques, which include GPU overclocking, undervolting, and using renewable energy as the primary source of mining, will help to reduce the environmental impact caused by cryptocurrency mining while also allowing miners to attain more profits because renewable energy is less expensive than traditional electric power.
Basically, GPU overclocking is the process of increasing the speed of your graphics card beyond its preset settings. Before we go into the overclocking procedure, let us first discuss what overclocking a GPU does.
Overclocking a GPU improves its performance by increasing the speed at which the graphics processor operates. Table 3 Power consumption, frequency, hash rate, and fan speeds of GPU, when it is overclocked. Finding a suitable balance between increased performance and a steady temperature for your graphics card is critical as every GPU is unique. In addition to this, the manufacturers are different. As a result, the miner has to experiment with overclocking speeds on your own to discover the sweet spot.
You do not need to be concerned; if this occurs, simply reduce your GPU speeds to a safe level. It is recommended to begin slowly and gradually increase your workload until you notice any issues. In Table 4 , the information is completely regarding the profit, which is being made with the help of solar renewable energy; note that this profit is not per GPU; it is for the complete mining rig with 8 RTX GPUs and the data are taken after running the GPUs for mining dogecoin for straight 7 days and the electricity savings are also calculated per day.
We have used a household solar power, which has a maximum output of 5kW hybrid solar system hybrid solar system has both functions: on-grid and off-grid solar systems. Table 4 Crypto-mining profit when it is being mined with renewable energy. Note that these values are regarding mining dogecoin as of and also these readings are for individual cards not for a complete mining rig.
Figure 6 depicts the hash rate and power consumption of the graphic cards, which are mentioned in Table 5. Table 5 Best dogecoin mining GPUs with their individual hash rates and power consumption. Figure 6 Hash rate of different GPUs with respect to their individual power consumption.
Figure 7 depicts the changes that are taking place in the hash rate with respect to undervolting of the GPU. Undervolting basically lowers the voltage of your GPU while maintaining the stock clock speed. Reason for undervolting the GPU is you are basically eliminating the amount of heat generated from all the power inside your computer. You are basically aiming for less heat generation, which benefits your system by reducing wear via limiting circular movement.
Higher temperatures result in a higher consumption of power, which generates a lot more heat. Undervolting single-handedly reduces power consumption in the long run, so your system automatically draws less power, reducing the temperature inside your machine.
Bitcoin mining is a mechanism, in which miner expend resources in a computation process to synchronize Bitcoin transactions for collecting Bitcoins as rewards. Currently, there are a number of crypto-mining marketplaces, in which allows selling or buying computing power on demand.
In this paper, we focus on NiceHash platform, which is the largest crypto-mining marketplace having a large number of active miners. In NiceHash platform, sellers also called, miners mine coins to fulfill the selected buyers' orders. NiceHash offers a software which can automatically select the most profitable algorithm for miners, so miners do not need to monitor the market and their multiple wallets.
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