According to the “Global Cryptocurrency Benchmarking Study”, a research paper recently published by the Cambridge Centre for Alternative Finance (CCAF), electricity consumption for Bitcoin mining facilities can be estimated at around 462MW which is a conservative value. This figure makes Bitcoin the most secure peer-to-peer network in the world but it also represents an unsustainable waste of resources. Certain projects, however, are trying to recycle some of the electricity wasted in cryptocurrency mining by using it for other purposes than just securing a blockchain. One of these projects is called Gridcoin, the first cryptocurrency that successfully diverts wasted energy towards useful scientific research. Girdcoin employs a novel mining algorithm, known as distributed Proof-of-Research (dPoR), a mechanism that combines Proof of Stake and the Proof of Work done towards BOINC (Berkeley Open Infrastructure for Network Computing), an open source computing grid that supports all ki
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