Dogecoin & Ethereum Lead the Charge in Crypto’s Eco-Friendly Revolution
• In 2022, the Dogecoin blockchain reduced its annual carbon emissions by 25%.
• Ethereum saw the largest drop in emissions in 2022 after switching to a proof-of-stake consensus mechanism.
• Elon Musk and Dogecoin developers worked together to increase the system’s transaction processing efficiency.
The world of cryptocurrency has been increasingly focused on reducing its carbon footprint in recent years, and the success of Dogecoin in this regard has been nothing short of incredible. In 2022, the Dogecoin blockchain saw a reduction in its annual carbon emissions by an impressive 25%, making it one of the quickest crypto assets at reducing its carbon discharge.
This impressive feat was made possible thanks to the coordinated efforts of Dogecoin developers and billionaire entrepreneur Elon Musk, who have worked together to increase the system’s transaction processing efficiency. Musk declared in May 2021 that he was working with Dogecoin developers to improve the system’s transaction processing efficiency, and the results have been evident. In 2022, the Dogecoin network powered 11,806,084 transactions without requiring a single kilowatt-hour (KWH) of energy per transaction, compared to 10,544,431 transactions in 2021 which used 0.12000 KWH of energy every transaction.
The efforts of Dogecoin and Elon Musk have been further complemented by the success of Ethereum, which saw the largest drop in CO2 emissions in 2022 after switching to a proof-of-stake consensus mechanism. According to statistics from foreign currency data aggregator Forex Suggest, Ethereum’s annual carbon emissions were 8.3 times that of Dogecoin.
Dogecoin and Ethereum’s successes in reducing their carbon footprints have been further reinforced by the decreased electricity consumption of the Dogecoin network in 2018, which dropped to 1,416,731 kWh from 1,897,990 kWh in 2021.
The coordinated efforts of Dogecoin developers and Elon Musk have done wonders to reduce Dogecoin’s carbon footprint, and the results have been nothing short of incredible. The meme token has seen one of the quickest reductions in its carbon emissions, making it one of the most eco-friendly crypto assets in the world. The success of Dogecoin and Ethereum in reducing their carbon footprints have provided a blueprint for other crypto assets to follow and has laid the groundwork for a more sustainable future for the crypto industry.