An Impact on Sustainability from the Mining of Bitcoin: A Case Assessment of the Use of Geothermal Power in Bitcoin Mining and its Socio-Economic Impact

Abstract

This study has highlighted the potentiality of using geothermal energy for the purpose of bitcoin mining and has also outlined the sustainability issues corresponding to the same. The study has also outlined the economic impact resulting from the process of bitcoin mining and the presence of alternatives if any which are available and can be exploited to reduce the usage of power in such processes. The study also evaluates the usage of mining rigs which may be beneficial for such mining processes and the favorable temperatures at which such machines may be set up in order to optimize power consumption and delivery. Present study also evaluates the mining of bit coin from “Business Ethics” perspective and discusses the issues arising out of it.

Keywords: Bitcoin, Cryptocurrency mining, Business Ethics, Alternate Energy, Decentralized Ledger