Although cryptocurrency mining was not often discussed in discussions about the development and growth of the blockchain industry. However, one tweet by Tesla CEO Elon Musk was enough to get the crypto community worried about what Bitcoin and Proofof-of-work miners were doing to the planet.
Forexsuggest conducted an investigation into several cryptocurrencies, measuring their pollution and calculating the carbon emissions.
They explained that they used data from Statista and Business Insider India as well as Laptop Mag and other sources. After compiling the data, they calculated the carbon emissions as well as the growth rate of these emissions.
Bitcoin, Ethereum, and Bitcoin Cash: The Worst Bitcoin Currencies for the Environment
Bitcoin and Ethereum are, as expected, the most polluting networks on the planet. They also have the highest concentrations of hash power.
Bitcoin has released 56.8 Million Tons of CO2 in 2021, more than twice as much as Etherum. According to company estimates, to eliminate all of the pollution gasemitted by Bitcoin miners, it would require 284.1 million trees.
Ethereum is, however, much cleaner than other fossil fuels. Ethereum miners have produced 22 million tons CO2 this year. This is enough to plant almost 110 million trees.
Bitcoin Cash, a Bitcoin Fork that was created in 2017 to mine larger blocks, ranks third with 1.5 million tons CO2. It is however the network that has the highest annual growth in polluting gases, with an increase of 748%.
The chart below shows the cryptocurrencies that have seen the highest pollution levels. Bitcoin Cash is the first. Image by Forexsuggest
According to the study, Bitcoin mining has seen its pollution levels drop by 5%. This is likely because miners have moved away from China and its thermal power, and redirected to countries with more sustainable energy sources like the United States.
The Best Environment Friendly Cryptocurrencies for 2021
The cryptocurrency industry has many green alternatives. They are not as popular as the more energy-intensive cryptocurrency tokens.
Nano occupies the third spot on this prestigious list. Nano is the third place on this prestigious list. This cryptocurrency doesn’t use mining and isn’t based on blockchain technology but block-lattice technology. Nano can process approximately 125 transactions per second and requires only 0.000112kWh per transaction. This is a minimal amount of CO2 emissions.
IOTA is the second most efficient cryptocurrency. It does not use blockchain, but instead uses a directed acyclic-graph technology with a probabilistic agreement mechanism. It takes approximately 0.00011 kWh to perform a transaction.
According to the research, the most environmentally-friendly cryptocurrency is Stellar, a competitor to Ripple that requires just 0.00003KWh per transaction, which is barely a third of what IOTA requires.
Stellar requires 0.00072 oz CO2 per transaction. This is almost nothing compared to Bitcoin’s 1,060.5 pounds per transaction.
Marla Brooks – Financial Analysis
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