(116g) Can Climate Change Mitigation be Catalyzed through Green Hydrogen Coupled with Crypto's Resurgence?

Climate change patterns are primarily attributed to increased greenhouse gas (GHG) emissions due to anthropogenic activities and natural systems. Energy-derived carbon dioxide emissions continue to drive the global carbon debt [1], with fossil fuels persisting as the primary energy source [2]. To mitigate fossil-based GHG emissions, countries must deploy renewable energy sources [3], a crucial component of the conventional mitigation framework that aids in accelerating the energy transition [4]. As an extension of the conventional mitigation framework, several countries also plan to use an energy carrier to import clean energy [5]. Green hydrogen, in particular, is expected to play a pivotal role in mitigating climate change by supplying renewable energy [6]. However, the production of traditional energy carriers results in energy inefficiencies and losses along with direct carbon emissions based on the fuel used in transportation [7]. Despite the inherent limitations of traditional energy carriers, green hydrogen production can support renewable power facilities while catering to the growing hydrogen demand derived from clean energy sources.

While transitioning from a fossil-driven economy to a hydrogen one is expected to secure substantial regulatory endorsement in decarbonization initiatives, the past decade has also witnessed a significant increase in energy expenses of blockchain-based applications [8, 9]. The dominance of grid-powered mining in the crypto industry has resulted in staggering carbon debt, which continues to grow at a steady rate [10-12]. By shifting the power source of cryptocurrencies to promote renewable infrastructure deployment [13, 14], an essential link within the clean energy value chain can be established. Correspondingly, negative emissions technologies offer a promising way to decarbonize various sectors, particularly through carbon offsetting, complementing the conventional climate mitigation framework [15, 16]. By implementing these measures, cryptocurrency mining can potentially be operated with net-zero GHG emissions, and the resulting economic potential can be harnessed to facilitate climate change mitigation.

In this work, we hypothesize that the dynamic duo comprising green hydrogen and bitcoin can accelerate the widespread deployment of renewable energy sources, facilitate the implementation of carbon offsetting mechanisms, and incentivize sustainable practices in the energy sector [17]. To test the hypothesis, this study aims to investigate a systematic multi-pronged strategy for conventional climate change mitigation in US states, utilizing renewable power facilities to mine bitcoin and produce green hydrogen. Additionally, we propose a novel technological solution of using crypto operations as virtual energy carriers centered on the development of renewable infrastructure to supply clean energy across diverse locations. Lastly, we examine scenarios for grid-powered crypto operations with green hydrogen power supply across different US states under carbon-neutral conditions to augment the negative mitigation framework.

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