Tasdelen, Abdulkadir and Habaebi, Mohamed Hadi and Islam, Md. Rafiqul (2024) Exploring blockchain technologies: insights into consensus mechanisms, mining pool dynamics, and energy consumption patterns. In: 2024 9th International Conference on Mechatronics Engineering (ICOM), August 13-14, 2024, Kulliyyah of Engineering, IIUM.
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Abstract
Blockchain technologies and cryptocurrencies have garnered significant attention for their potential to revolutionize various industries. This paper investigates the landscape of blockchain technologies in the context of cryptocurrencies, focusing on performance metrics, trade-offs, trends, and underlying issues. Through comprehensive analysis, the most utilized consensus mechanisms among the top cryptocurrencies are identified. The distribution of top mining pools by hash rate over the last two years reveals dominance by a few major pools, with implications for decentralization and security. In Bitcoin mining pool distribution, trends indicate the dominance of established pools like Foundry USA Pool and AntPool, alongside notable growth from smaller pools like MARA Pool and Luxor. Comparative analysis across different cryptocurrencies highlights variations in hashing rate, block production, and energy consumption, underscoring the complex dynamics of blockchain mining. Moreover, the comparative analysis of energy consumption in blockchain mining hardware reveals insights into energy efficiency and sustainability. Smaller mining pools demonstrate significant growth and momentum, contributing to the diversification and decentralization of mining operations.
| Item Type: | Proceeding Paper (Plenary Papers) |
|---|---|
| Uncontrolled Keywords: | blockchain, performance metrics, trade-offs. trends, mining pool, energy consumption |
| Subjects: | T Technology > TK Electrical engineering. Electronics Nuclear engineering > TK5101 Telecommunication. Including telegraphy, radio, radar, television |
| Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): | Kulliyyah of Engineering Kulliyyah of Engineering > Department of Electrical and Computer Engineering |
| Depositing User: | Dr. Md. Rafiqul Islam |
| Date Deposited: | 10 Sep 2024 14:37 |
| Last Modified: | 10 Sep 2024 14:37 |
| URI: | http://irep.iium.edu.my/id/eprint/114356 |
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