Forexsuggest has conducted research on the environmental impact of cryptocurrencies. The resource considers bitcoin and ether to be the most “harmful”, and Stellar is the “purest” cryptocurrency.
Authors
report calculated the estimated carbon emissions and the amount of resources that are used to offset the impact of CO2 on the environment. The report says the researchers used data from Statista, Business Insider India, Laptop Mag and other sources for analysis. After compilation, they calculated the CO emissions2 and the rate of growth of such emissions.
According to the report, Bitcoin and Ethereum are the blockchains that generate the highest hash rates and, accordingly, have the most impact on the ecology of the Earth. In 2021, Bitcoin mining released about 56.8 million tons of CO into the planet’s atmosphere2, which is more than two and a half times more than when mining ether. Forexsuggest estimates it will take about 284.1 million trees to neutralize CO2dumped by bitcoin miners.
Ethereum pollutes the environment much less, but it also cannot be called environmentally neutral. Ethereum miners generated 22 million tons of CO in 20212… Almost 110 million new trees will be required to neutralize the harmful gases that Ethereum has released into the atmosphere.
Bitcoin Cash ranks third in the carbon footprint with 1.5 million tonnes. However, Bitcoin Cash has the highest annualized emissions growth, driving up CO emissions2 at 748%.
The report says that in 2021, the level of pollution from bitcoin mining decreased by 5%. This is probably due to the fact that after the ban on mining in China, miners moved from this country, where the main source of electricity for data centers was coal, to the United States, where they use more environmentally friendly electricity.
The report also provides data on the most environmentally friendly cryptocurrencies. In third place in the ranking is Nano. This cryptocurrency does not use mining and is not based on blockchain, but on block grid technology. The Nano can handle about 125 transactions per second, requiring only 0.000112 kWh per transaction, which is minimal in terms of CO emissions2… The second most environmentally friendly cryptocurrency, IOTA, is based on directed acyclic graph technology with a probabilistic consensus mechanism. The transaction requires about 0.00011 kWh. According to the study, Stellar, a competitor to Ripple, was chosen as the most environmentally friendly cryptocurrency, which requires only 0.00003 kWh per transaction. Stellar needs 0.00072 oz CO2 per transaction. This is almost nothing compared to £ 1.060.5 per Bitcoin transaction.
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