Rethinking bitcoin's energy use through sustainable digital business models and resources monetization: A multiple case study analysis

Abstract

As Bitcoin (BTC) continues to gain traction, its energy consumption and potential environmental impact have sparked considerable debate within the scientific community. In this paper, we explore the theoretical underpinnings of BTC blockchain infrastructure and BTC mining as potent instruments for resource monetization, giving rise to innovative digital business models. In particular, we explore the complex relationship between BTC mining and sustainable energy practices, reframing BTC mining from an energy-intensive activity to a potential catalyst for sustainable value creation. Based on a sound methodological approach that relies upon case study analysis, grounded theory and Causal Loop Diagrams (CLDs) we investigate BTC mining's potential as a resource monetization instrument. According to the results, it is clear that BTC mining can absorb excess energy, balance energy grids and support renewable energy integration, ultimately contributing to environmental sustainability and economic efficiency. The findings suggest that BTC mining, when integrated with advanced technologies and unused energy from renewable or stranded sources, creates new business opportunities that align economic incentives with sustainability goals. The research contributes to the ongoing debate about BTC's environmental impact by offering an alternative perspective: that BTC mining can, under the right conditions, promote cleaner energy use and reduce the carbon footprint of energy production. The paper provides valuable insights for policymakers, industry stakeholders and researchers interested in the intersection of BTC mining industry and blockchain-based digital business models.