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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