The increasing popularity and improvements in the blockchain technology that offers decentralized communication and transactions in the form of cryptocurrencies that have now days a market value of almost 1.3 Trillion dollars and a huge potential to contribute to other fields such as health care, financial transactions, information technology, secure data exchange, data storage and many others has been pushing towards more integrating of renewable energies in this field. The process of approving and inserting the information and contracts with Bitcoins on the blockchain is called mining of Bitcoin and accounts for a large electricity consumption which has been estimated to be around 120 Terawatt_hour (TWH) worldwide in 2023. To keep this field of technology improving and strengthen its development, leading it towards more usage of clean energy will benefit the field and most importantly will help our societies to face climate change and align with the United Nations sustainable goals regarding integrating and increasing the usage of renewable energies and sustainable methods in all fields of life and industry. The purpose of this study is to assess the feasibility of building a mining farm for bitcoin powered by renewable energies, solar and wind, by using photovoltaics systems and wind turbines with the integration of storage mediums to utilize the clean energy as much as possible. The project is done by firstly conducting a literature review about the technologies used followed by choosing the most appropriate alternatives that fit best for the current project properties and goals. After choosing the components and methods to be used , the technical feasibility is analyzed by simulating the hybrid energy system using a code program written in the software MATLAB which optimizes and calculates on one hand the electricity production of the system that is used for the hourly reliability in meeting the load demand of the mining devices and on the other hand the total cost of the system which will be built upon to estimate the levelized cost of energy and hence analyze the economic feasibility of the project.After conducting the simulation and financial calculations, the results show that the project is technically feasible and the reliability can be as high as around 8650 hours of the year, however, to achieve a 100 percent reliability a support power should be used such as a diesel generator which has also been done in this work. The economic feasibility indicates that the project will be profitable based on the installed capacities and mined Bitcoins, however a storage medium and a support power production source are vital for the success of such a project.
| Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:uu-518849 |
| Date | January 2023 |
| Creators | Wali, Ali |
| Publisher | Uppsala universitet, Institutionen för samhällsbyggnad och industriell teknik |
| Source Sets | DiVA Archive at Upsalla University |
| Language | English |
| Detected Language | English |
| Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | SAMINT-MILI ; 23053 |
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