A Research Project On Sustainable Crypto Mining To Support A Decentralized Bitcoin Ecosystem.
POC for a sustainable residential crypto miner
Cryptocurrency helped to travel the journey from barter to bit- a journey of freedom and gathered a lot of mainstream attention. Cryptocurrency have made many people millionaires because of its price fluctuation and volatile nature
BENEFIT OF CRYPTOCURRENCY
The transparency, security, and fast transaction speed of cryptocurrency due to the blockchain is the main reason for its massive adoption. It is a global currency which can be used across the world without paying high transaction fee. Its removes the dependency on third parties i-e banks, brokers etc.
CRYTOCURRENCY IS A FASTER TRANSACTION METHOD
Cryptocurrency does not require your personal information for sending and receiving the funds, ensuring anonymity and privacy. International cryptocurrency transaction is faster than wire transfer that mainly takes a day. But with cryptocurrency it can be done in few minutes. Unlike banks, you are the only owner of your cryptocurrency. It is the best option for population having no access to banks. Many businesses around the word are embracing cryptocurrency due to its utmost confidentiality, security, and fast & real time transactions. There are thousands of reasons which have made cryptocurrency a sensation globally.
CRYPTOCURRENCY AS POWER RESOURCES
Cryptocurrency mining is a power-thirsty process that requires heavy computers to solve complex problems. Whenever Bitcoins are traded, these powerful computers complete the computation process creating a 64-digit hexadecimal number or a hash for that Bitcoin. This hash then enters into a public ledger for transaction confirmation of that bitcoin. The node (computer)that solves the complex computation first earns a reward of 6.2 bitcoins.
The same mining process applies to other cryptocurrencies. 
Cryptocurrency Mining is a Highly Energy Demanding Process
The computers used for crypto mining have multiple graphic cards or GPUs that require a high wattage power supply to handle calculations. At the start of the mining process, the graphic cards work 24 hours each day, consuming more power. A crypto mining rig with only three GPUs can consume more than 1000 watts of power. Crypto mining involves hundreds or thousands of such rigs in a location.
Because of high electricity consumption, many countries such as Iran blame cryptocurrency mining for electricity outrages in their country.
Following is the graph provided, according to which Bitcoin consumes more energy than all of Sweden.
The computing network of Bitcoin is rapidly increasing over the last five years with massive energy demand. It is estimated that if the bitcoin adoption trend continued at the present rate, it would consume more electricity than the entire world uses today in the coming few years.
Cryptocurrency Mining is a Heat Generating Process
The crypto mining rigs not only consume electricity but also generate heat. Ultimately, the more rigs are there on a station, the hotter it will be. This heat can even lead to the melting of rigs.
Therefore, there is a need for a cooling system. Although rigs have built-in fans, as the number of rigs increases, the temperature of the room increases, and these fans become insufficient.
It then requires an external cooling system which means more electricity consumption.
It is estimated that a small miner consumes around 1.2 kW of electricity. Therefore, if it runs for 10 hours, it will generate as much thermal energy as your water heater.
The computers used for crypto mining have multiple graphic cards or GPUs that require a high wattage power supply to handle calculations. At the start of the mining process, the graphic cards work 24 hours each day, consuming more power. A crypto mining rig with only three GPUs can consume more than 1000 watts of power. Crypto mining involves hundreds or thousands of such rigs in a location.
Because of high electricity consumption, many countries such as Iran blame cryptocurrency mining for electricity outrages in their country. Some called it a dirty currency.
Following is the graph provided, according to which Bitcoin consumes more energy than the entire Bulgaria country.
Cryptocurrency Mining is a Heat Generating Process
The crypto mining rigs not only consume electricity but also generate heat. Ultimately, the more rigs are there on a station, the hotter it will be. This heat can even lead to the melting of rigs.
Therefore, there is a need for a cooling system. Although rigs have built-in fans, as the number of rigs increases, the temperature of the room increases, and these fans become insufficient.
It then requires an external cooling system which means more electricity consumption.
It is estimated that a small miner consumes around 1.2 kW of electricity. Therefore, if it runs for 10 hours, it will generate as much thermal energy as your water heater.
Cryptocurrency Mining is a Coal-Fueled Process
Cryptocurrency mining is highly dependent on coal as an energy source. Therefore, Crypto mining stations are generally set up in areas with coal used for power production, as it is cheaper. According to researchers, crypto-mining can produce around 15 million tons of global carbon emissions.
Vitalik Buterin, a computer scientist, said that cryptocurrency mining could be a huge waste of resources. There are people who need electricity which is used by the mining.
In the United States, more than 60% of power generation depends on fossil fuels. These stations use more fossil fuels to compensate for the electricity consumed by crypto mining rigs. As a result, the carbon dioxide produced is released into atmosphere leading to global warming.
Elon Musk, the CEO of Tesla, recently announced that his company would no longer accept Bitcoin for Tesla vehicle purchases. This decision was made considering the impact of bitcoin mining on the increased use of coal and other fossil fuels for power generation. 
Sustainable Crypto Mining Research Project
Cryptocurrency is undoubtedly a flourishing market, but many big companies are stepping back from it due to its harmful effects on the environment. Therefore, it is necessary to address these issues for environmental sustainability and make cryptocurrency mining affordable.
Considering the effects of cryptocurrency mining, we Creed Services have started a research project aiming to create a sustainable crypto mining business to decentralize the bitcoin ecosystem.
In this research project, we aim to
1-Research how hydroelectricity can generate sustainable electricity for crypto mining
As the power generation for cryptocurrency mining is dependent on coal and fossil fuels which are posing harmful effects to the environment. In this case, hydroelectricity will be the best option for power generation because it does not cause environmental pollution and can be used again & again (renewable resource).
2-Research how to use heat generated during the mining process as supplemental electricity.
A large amount of heat is generated during the mining process, which goes to waste in the environment, increasing the temperature of the surroundings. Electricity is consumed by removing heat is an extra burden in addition to mining electricity requirements. Utilizing this heat for power generation could be very beneficial.
3-Research to find out ways to convert hot water into thermoelectric power
Thermoelectric power could be a beneficial and economical alternative to meet energy needs in the mining process.
4-Working with suppliers to build next-generation Crypto miners.
The current generations of crypto miners are efficient at mining but they are not eco-friendly. We want to work with researchers to build ASIC that can work to reduce the need for large heat generating miners.
5-Workout contracts with cryptocurrency mining suppliers to build large-scale mining operations.
We’re actively working with suppliers to build out a large scale mining operation that is using close to 100% renewable energy. We want to document the whole process and share it with the world to help promote the different technologies that we create
6-Generate a sustainable crypto mining business model
We aim to create a business model that can be shared with other entrepreneurs for market decentralization.
Our primary concern is to transform the expensive crypto mining process into an economical and environmentally friendly method through this research. Furthermore, we intend to create an independently running crypto mining operation around the globe that will ensure that a single entity does not control the crypto eco-system.
The effective outcomes out of this research project, can be the most significant transformation for the crypto market. As a result, cryptocurrency adoption may increase, and environmental concerns will be solved, saving resources.
We aim to create an economical and environmentally sustainable crypto ecosystem because it is the dire need of today’s world.
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