Search

While blockchain and distributed ledger technology offer immense potential for applications in transparency, security, efficiency, censorship resistance, and more, they have been criticized due to the energy-intensive nature of the proof of work consensus algorithm, particularly in the context of Bitcoin mining. We systematically explore the state-of-the-art regarding the relationship between Bitcoin mining and grid decarbonization. We specifically focus on the role of flexible load response through proof of work mining as a potential contributor to renewable energy penetration and net decarbonization of the energy grid. The existing literature has not comprehensively examined this area, leading to conflicting views. We address the gap, analyzing the capabilities and limitations of Bitcoin mining in providing flexible load response services. Our findings show that renewable-based mining could potentially drive a net-decarbonizing effect on energy grids, although key adaptations in mining practices are needed to fully realize this potential. Overall, the paper suggests a re-evaluation of the environmental impact of Bitcoin mining, highlighting its potential role as a facilitator for renewable energy expansion, and decarbonization more broadly. [ABSTRACT FROM AUTHOR]

During the last half century, the concept of shared ledger systems that offer a single source of truth has challenged traditional bookkeeping, leading to innovations such as the resource-event-agent (REA) accounting framework, triple-entry accounting (TEA), and blockchain. Despite these advancements, the historical development of shared ledger systems remains under-researched and unclear, with the influence of REA on TEA particularly overlooked. This study aims to fill this gap by conducting a genealogical analysis of shared ledger systems, with a focus on tracing the development of TEA and its historical byproduct of the REA framework designed by McCarthy. Through a comprehensive literature review and interviews with pioneers in REA, TEA, and blockchain, we uncover the missing link between REA and TEA. Our findings suggest that the current explosion of shared ledger systems results from the convergence of three parallel research streams, occasionally interacting with each other. We correct common misconceptions, acknowledge the influence of key individuals, and map out the overlapping paths of REA, TEA, and blockchain. By elucidating the historical evolution of shared ledger systems, this study contributes to the academic debate and fosters further discourse among researchers in REA, TEA, and blockchain, thereby enhancing the potential applications within these fields. [ABSTRACT FROM AUTHOR]