Crypto carbon emissions
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Learn about alternatives to crypto mining that use much less energy. Key Takeaways Bitcoin and other proof-of-work cryptocurrencies require large amounts of energy—more than is used by entire countries—to perform the work associated with crypto mining.
The largest country for Bitcoin mining is the United States, which accounts for Nearly 38 kilotons of electronic waste are annually produced as a byproduct of Bitcoin mining. Some cryptocurrencies do not use mining, but Bitcoin is unlikely to change its consensus algorithm. For example, the Cambridge Bitcoin Electricity Consumption Index estimates that Bitcoin, the most widely-mined cryptocurrency network, used an estimated 85 Terawatt-hours TWh of electricity 0.
Another estimate by Digiconomist, a cryptocurrency analytics site, places the figure at This computes to around 1, Ethereum , the second-largest cryptocurrency network, was estimated to use The average Ethereum transaction required kilowatt-hours of electricity. However, since Ethereum rolled out its proof of work upgrade in September , electrical energy requirements have dropped to 0.
More than 20, different cryptocurrencies and over exchanges exist worldwide. None of the cryptocurrency energy use reports or calculations account for the energy expended to develop new coins or administer services for them. The amount of energy consumed by cryptocurrency mining will likely vary over time, assuming that prices and user adoption continue to vary. Cryptocurrency mining is a competitive process: as the value of the block reward increases, the incentives to start mining also go up.
Higher cryptocurrency prices mean more energy being consumed by crypto networks. Why Cryptocurrency Mining Requires Energy The energy intensity of crypto mining is a feature, not a bug. Bitcoin mining is the automated process of validating Bitcoin transactions without the intervention of trusted third parties like banks. The way the transaction validation process is designed uses large amounts of energy —the network depends on the computational power of thousands of mining machines.
This dependency maintains the security of cryptocurrency blockchains that use proof-of-work consensus. Environmental Impacts of Cryptocurrency Mining Calculating the carbon footprint of cryptocurrency is more complicated. Although fossil fuels are the predominant energy source in most countries where cryptocurrency is mined, miners must seek out the most inexpensive energy sources to remain profitable.
Digiconomist estimates that the Bitcoin network is responsible for about 73 million tons of carbon dioxide per year—equal to the amounts generated by Turkmenistan. Based on data through September , Ethereum produced an estimated The U. Electronic Waste Cryptocurrency mining also generates significant electronic waste, as mining hardware quickly becomes obsolete.
Instead of miners competing for the block rewards, a voting system based on how much of the underlying currency a miner or validator holds will be used to decide which miner gets to validate the block. That has led to a slew of new networks offering more energy-efficient ways of keeping the lights on. New lower-energy networks Over the last two years, a number of projects have embraced the proof-of-stake consensus protocol, the largest currently are Cardano, Polkadot and Avalanche.
According to Cardano founder Charles Hoskinson, his network consumes only 6 GWh of power, a tiny fraction of what Bitcoin uses. Other large networks have gone further. Near Protocol and Algorand both claim to have carbon-neutral blockchains and boast an array of green credentials.
Some have taken a different approach, by creating ultra-low blockchain networks that can be maintained via mobile phones. Pi Network , a new cryptocurrency project launched by a group of Stanford graduates earlier this year is designed to rely on a different approach to securing a network.
Additionally, Pi members can mine new tokens directly from their smartphones, a relatively low-cost process that requires minimal battery power. Electroneum , a British cryptocurrency launched in is also light enough to run on smartphones and has seen much of its growth in Africa and Asia.
The network, called Palm is built adjacent to the main Ethereum network, allowing it to interact with Ethereum without having to rely on its underlying infrastructure to verify transactions. Whereas Ethereum is powered by the proof-of-work consensus mechanism, the Palm sidechain runs on proof-of-authority, which dramatically reduces its energy consumption.
The Palm sidechain will also allow for tokens to be transferred to the Ethereum mainnet. With a growing number of scientists suggesting the world has passed a point of no return for climate change, it couldn't come soon enough. This sponsored article was created by Decrypt Studio. Learn More about partnering with Decrypt Studio.
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