Green Energy in Cryptocurrency Mining

Abstract

A new age of cryptography science has emerged in recent years, and with internet being more accessible and open, privacy is in short supply. This concentration on internet privacy has ushered in a new era of currencies, which are being praised as “future money”. “Cryptocurrency” is what it is called. The creators of this new domain intend to develop ways that would allow a person's transactions and identity to remain anonymous without any interference from governments and central agencies. We need someone to verify these transactions, that’s where “miners” come in, mining, as nodes and blocks, make up the crypto ecosystem. The name blockchain stems from the structure of the blockchain. Each block is linked to the previous one in a chain, forming an effective ledger. Mining, crypto ledgers, and transactions would be impossible without the blockchain. The blockchain is a cryptography system that is decentralized and secure. Mining is basically computers solving algorithms to verify transactions on the blockchain, this process consumes huge amount of
electricity which drives up the demand for it and being a country like India where electricity is still produced by burning coal will only affect and degrade already worse air quality and also add to contribution towards global warming. This is where requirement of green energy for sustainable future of cryptocurrencies come in.