Green mining

toward a less energetic impact of cryptocurrencies

Philippe Jacquet, Bernard Mans

Research output: Chapter in Book/Report/Conference proceedingConference proceeding contribution

Abstract

While cryptocurrencies and blockchain applications continue to gain popularity, their energy cost is evidently becoming unsustainable. In most instances, the main cost comes from the required amount of energy for the Proof-of-Work, and this cost is inherent to the design. In addition, useless costs from discarded work (e.g., the so-called Forks) and lack of scalability (in number of users and in rapid transactions) limit their practical effectiveness. In this paper, we present an innovative scheme which eliminates the nonce and thus the burden of the Proof-of-Work which is the main cause of the energy waste in cryptocurrencies such as Bitcoin. We prove that our scheme guarantees a tunable and bounded average number of simultaneous mining whatever the size of the population in competition, thus by making the use of nonce-based techniques unnecessary, achieves scalability without the cost of consuming a large volume of energy. The technique used in the proof of our scheme is based on the analogy of the analysis of a green leader election. The additional difference with Proof-of-Work schemes (beyond the suppression of the nonce field that is triggering most of the waste), is the introduction of 'empty blocks' which aim are to call regular blocks following a staircase set of values. Our scheme reduces the risk of Forks and provides tunable scalability for the number of users and the speed of block generation.

Original languageEnglish
Title of host publicationINFOCOM 2019 - IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS
PublisherInstitute of Electrical and Electronics Engineers (IEEE)
Pages210-215
Number of pages6
ISBN (Electronic)9781728118789
ISBN (Print)9781728118789
DOIs
Publication statusPublished - 1 Apr 2019
Event2019 INFOCOM IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2019 - Paris, France
Duration: 29 Apr 20192 May 2019

Publication series

NameINFOCOM 2019 - IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2019

Conference

Conference2019 INFOCOM IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2019
CountryFrance
CityParis
Period29/04/192/05/19

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    Jacquet, P., & Mans, B. (2019). Green mining: toward a less energetic impact of cryptocurrencies. In INFOCOM 2019 - IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS (pp. 210-215). [8845233] (INFOCOM 2019 - IEEE Conference on Computer Communications Workshops, INFOCOM WKSHPS 2019). Institute of Electrical and Electronics Engineers (IEEE). https://doi.org/10.1109/INFCOMW.2019.8845233