Forex Suggest Analysts: After the Ethereum Merger, the Network Has Become Much Greener

Ethereum’s switch to the Proof-of-Stake (PoS) consensus algorithm has dramatically reduced carbon emissions from the blockchain, according to Forex Suggest’s “Global Impact of Cryptocurrency Trading” study.

This happened due to the fact that Ethereum reduced electricity consumption from 62.56 kWh to 0.03 kWh. Now to compensate for annual CO² 44,121 trees need to be planted from the work of Ethereum, while a year ago this would have required 109,751,315 trees.

Analysts named three cryptocurrencies that cause the most damage to the environment.

Bitcoin comes first – 1183.58 kWh is spent per transaction with BTC, which corresponds to 1775 pounds of carbon dioxide. In 2022, this figure reached 1061 pounds of CO²indicating a large increase.

Second place goes to MATIC. One transaction using this cryptocurrency consumes 90.18 kWh, which corresponds to 135.27 pounds of CO².

Third place went to the BCH crypto assetwhich consumes 18.96 kWh per transaction (equivalent to 28.44 pounds of CO²). At the same time, Bitcoin Cash managed to keep electricity consumption and carbon emissions at the same level.

Among the digital assets that increased carbon emissions from 2021 to 2022 are ADA, BTC and XRP. Cryptocurrency Cardano Boosts CO Emissions² by 112.73% due to an increase in electricity consumption from 7,051,032 kWh in 2021 to 14,998,763 kWh in 2022. Bitcoin Increased CO Emissions² by 52%, to more than 86.3 million tons of carbon. As for XRP, its carbon footprint has increased by 21%, from 2122 tons of CO² in 2021 to 2564 tons in 2022. This is due to the increase in the number of transactions with XRP.

Forex Suggest researchers also noted cryptocurrencies with the lowest electricity consumption, causing the least damage to the planet. The honorable first place was awarded to the altcoin XLM, consuming only 0.0003 kWh per transaction. The list also includes IOTA (0.00011 kWh per transaction), XNO (0.000112 kWh), XRP (0.0079 kWh) and XCH (0.023 kWh).

Recall that in 2021, Forexsuggest researchers called Bitcoin and Ethereum “the most harmful cryptocurrencies”, and Stellar “the cleanest cryptocurrency”, which, as can be seen from the new study, remains so until now.

Source: Bits

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