CAN BITCOIN GO GREEN? AN IN-DEPTH LOOK INTO CRYPTOCURRENCY MINING VIA RENEWABLE ENERGY SOURCES

Abstract

Climate change is real. So is the popularity of Bitcoin, and in turn, Bitcoin mining. And yet, the two seem to almost contradict each other. Bitcoin mining is one of the largest energy consumers in the world, so making mining “green” could have a significant impact on global carbon emissions. But before we do that, is green mining even possible? This thesis takes an in-depth look into Bitcoin mining and solar energy to determine if it is truly possible for Bitcoin to be mined using 100% solar energy. Through price projections and profit models, the relationship between renewable energy and cryptocurrency mining will be defined more clearly, and hopefully answer the question: Can Bitcoin go green? This project will utilize the highest rated and most efficient Application-Specific Integrated Circuit (ASIC) mining rigs, capital expenditures (CAPEX), and operating and maintenance costs (OPEX) for solar energy projected from 1 to 30 April 2023 to demonstrate the potential costs of transferring to a carbon-free based mining system. In order to determine the profitability of this switch I will be utilizing a variety of Bitcoin price projection models.