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Energy Consumption of Cryptocurrencies Beyond Bitcoin
Ulrich Gallersdörfer1, Lena Klaaßen2, Christian Stoll3,4
1TUM Software Engineering for Business Information Systems, Department of Informatics, Technical University of Munich, Munich, Germany.
Abstract:
Ulrich Gallersdörfer is a research associate in the Department of Informatics at the Technical University of Munich. His research focuses on identity management in blockchains. His interest extends to further aspects of the technology, ranging from environmental implications to data analytics applications. Lena Klaaßen is a graduate student at TUM School of Management at the Technical University of Munich. She is specialized in energy markets and accounting. Her research focuses on carbon accounting in the corporate and cryptocurrency space. She has previously analyzed blockchain-related firms for a venture capital fund. Christian Stoll conducts research at the Center for Energy and Environmental Policy Research at the Massachusetts Institute of Technology and at the Center for Energy Markets of the Technical University of Munich. His research focuses on the implications of climate change from an economic point of view.
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Power, defined as the time rate of expending or absorbing energy, is quantified in units called watts (W). The relation between power and energy is mathematically given as