The global impact of cryptocurrency trading has shown that the blockchain’s transition to a proof-of-stake (PoS) consensus method has rapidly reduced its carbon footprint, according to a study by Forex analytics firm Suggestions.
This occurred because ethereum’s own electricity consumption 62 decreased from 56 kWh to 0.03 kWh. 44, 121 trees would need to be planted today to offset the annual CO2 emissions from ethereum’s development; a year ago 109, 751, 315 trees would be needed.
Analysts have named the three virtual currencies most harmful to the environment.
The first space is Bitcoin: one transaction in BTC wastes 1, 183. 58 kWh, equivalent to 1, 775 lbs. of CO2. in 2022, this figure is 1, 061 lbs. of CO2, a significant increase.
The second space is occupied by MATIC. Transactions from the execution of this cryptocurrency use 90.18 kWh, equivalent to 135.27 lbs CO².
In third place is the crypto asset BCH, which consumes 18.96 kWh per transaction (equivalent to 28.44 lbs CO²). Bitcoin Cash has managed to keep its electricity consumption and carbon footprint at the same level.
ADA, BTC, and XRP are among the digital assets that increased their carbon emissions between 2021 and 2022. The cryptocurrency Cardano increased its CO² emissions by 112.73% due to an increase in electricity consumption from 7, 051, 032 kWh in 2021 to 14, 998, 763 kWh in 2022. XRP’s carbon footprint increased 21% from 2, 122 tons CO2 in 2021 to 2, 564 tons in 2022. in 2022 from 2,122 tons CO2 in 2021 to 2,564 tons CO2 in 2022. This is justified by the increase in XRP transactions.
Forex researchers suggest cryptocurrencies that minimize damage to the planet and consume less electricity. Venerable first place is awarded to the altcoin XLM, which consumes 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 Forexsuggest, a 2021 scientist, called Bitcoin and Ether “the most harmful cryptocurrencies” and “the most untouched.” Unable to load all totals.