Reducing Resource and Energy Consumption in Cryptocurrency Mining by using both Proof-of-Stake Algorithm and Renewable Energy

Cryptocurrency is a relatively new financial sector combination of encryption and currency that is gaining popularity throughout the world. The renewable energy business is likely to be transformed by blockchain technologies. However, no study has been conducted on the use of digital currency. As a result, the focus of this study is on a number of mining potency tests, notably for dogecoin mining. Bitcoin and other cryptocurrencies have received a lot of attention in recent years. Mining generates bitcoins as a fee for corroboratory dealings. This methodology requires a large quantity of process power and electricity. Mining used to be done on personal computers, but now specialized equipment has been designed to boost the mining pace while simultaneously increasing power consumption. As a result, the goal of this study is to look at the influence of hardware efficiency and determine if changing the algorithm to Proof-of-Stake (POS) and using renewable energy as a source of power for mining cryptocurrency will reduce the consumption, improve the mining process, and increase mining profit. During this study, mineworker performance and therefore the profitableness of mining cryptocurrency with the assistance of solar renewable energy, because it is the main supply for mining dogecoin, and we even went through the method of mining dogecoin with the assistance of Nvidia RTX 3080, which could be a non-LHR card, have been performed with and without overclocking the GPU. Considering renewable energy because the supply for mining helps the miners and therefore the setting.