Examining Cryptocurrencies Within the Framework of Sustainability

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Author(s): Tolgahan Tuglu (Institute of Banking and Insurance, Turkey), Canan Dağıdır Çakan (Faculty of Financial Sciences, Turkey), Mehmet Hanifi Ateş (Institute of Banking and Insurance, Turkey)and Aleyna Uca (Institute of Banking and Insurance, Turkey)
Copyright: 2023
Pages: 20
Source title: Economic and Social Implications of Information and Communication Technologies
Source Author(s)/Editor(s): Yilmaz Bayar (Bandirma Onyedi Eylul University, Turkey)and Lina Karabetyan (Independent Researcher, Turkey)
DOI: 10.4018/978-1-6684-6620-9.ch010

Keywords: Digital Media / Human Aspects of Technology / Information Science Reference / Social Sciences & Humanities

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Abstract

Cryptocurrencies have been attracting a significant amount of attention in the world since they were first launched in 2009. Pretending to be a decentralized finance solution, it brought out a new era in technology called blockchain. Even though the benefits did not come into action in daily routines for many to be aware of, the market and its variety kept growing. On the other hand, there are also a lot of concerns and unpredictability about the future of this technology. Especially the high energy consumption while generating blocks for mining cryptocurrencies and completing transactions is commonly being criticised. In this study, blockchain technology and the basics of mining and validation procedures such as proof of work (PoW) and proof of stake (PoS) processes will be explained, and the environmental effects of bitcoin mining will be investigated. In the perspective of environmental sustainability of cryptocurrencies, the improvement in usage of renewable energy and its side benefits will be overviewed for a better prediction on the blockchain technology future.

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