Research Proposal: Cryptocurrency User Attitudes Towards the Environmental Impact of Proof-of-Work

Moritz Platt and Francesco Pierangeli

No kpyrf_v1, SocArXiv from Center for Open Science

Abstract: The consumption of electrical energy is a requisite for ‘proof-of-work’, a class of consensus protocols for decentralised systems. ‘Ethereum’ and ‘Bitcoin’, along with various other cryptocurrencies, use implementations of such a consensus protocol. Among experts, the vast energy demand associated with the rising popularity of cryptocurrencies and the potential impact on climate change have been discussed extensively. It is, however, unclear what attitudes the users of cryptocurrencies themselves have towards the consequences of its growing energy demand. The proposed study aims to answer this question through survey research, using ‘Bitcoin’ as an archetype of a proof-of-work cryptocurrency. Conducting the study will reveal whether cryptocurrency users themselves consider their energy needs to be problematic, and which stakeholders they hold accountable to reduce consumption. The outcome can provide a theoretical grounding in social science for the ongoing implementation of alternative consensus models, for example in the context of the ‘Eth2’ upgrade of the ‘Ethereum’ blockchain.

Date: 2021-03-29
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:kpyrf_v1

DOI: 10.31219/osf.io/kpyrf_v1

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