European Academic Research ISSN 2286-4822
ISSN-L 2286-4822
Impact Factor: 3.4546 (UIF)
DRJI Value : 5.9 (B+)
Article Details :
Article Name :
Blockchain Expenses - Resources Need to Generate Cryptocurrency
Author Name :
IJAZUL HAQ1 MIR HASSAN
Publisher :
Bridge Center
Article URL :
Abstract :
Cryptocurrencies have shown their considerable adoptability in recent years. Bitcoin emerged recently and became the most successful cryptocurrency, with the economic value of billions of dollars. Bitcoin network is one of the most powerful computer networks on the planet. It’s a sum of remarkable hardware resources and consumes tremendous electric power. Although, these expenses help to extend the security of cryptocurrency network – Blockchain. But spending too many resources just for the creation of intangible digits on the internet is a side-effect of Bitcoin technology. The purpose of this paper is to analyze the resources and measure the expenses need to create cryptocurrency and run its underline network. The results we present in this paper are obtained through an experiment. We developed a mining simulator and run it on different computers to measure the Time, Electricity and Hardware resources required for bitcoin mining. The results we found are useful for further research in Blockchain as well as in the field of Green Computing. Besides that, this paper is helpful for a layman to know the effort involved in cryptocurrency creation.
Keywords :
Distributed Systems, Blockchain, Cryptocurrency, Bitcoin, Green Computing

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