Cryptocurrency mining policy to protect the environment

Abstract

AbstractThis article analyzes the negative impact of cryptocurrency mining activities on the environment and analyzes the urgency of cryptocurrency mining policy to protect the environment. This analysis was carried out by conducting a comparative study of regulations in countries open to the development of cryptocurrency, including Indonesia, the United States, China, and Iran. The results of this comparison are used as material for constructing environmentally friendly cryptocurrency mining regulations to be implemented in various countries. This type of research is legal research. The research approaches are the statutory, comparative, and case approaches. Data was collected using the literature study method, and technical data analysis was carried out using a qualitative juridical method. The results of this research are how to prevent and combat the negative impacts of cryptocurrency mining activities on the environment, including implementing several policies including minimizing greenhouse gas emissions, ensuring reliable energy, encouraging transparency and increasing environmental performance, data search to understand, monitor, and reduce impact, enactment of energy efficiency standards, besides that it is necessary to implement transaction fees and carbon taxes for cryptocurrency mining.

Keywords

• Cryptocurrency
• mining
• policy
• carbon emissions
• Heng Choon (Oliver) Chan
• Department of Social Policy, Sociology, and Criminology