Dogecoin Reduces Carbon Footprint 25%, Becoming Third-Fastest Crypto
• In 2022, Dogecoin decreased its annual carbon emissions by 25%, making it the third-fastest digital asset in terms of reducing its carbon footprint.
• This was due to the coordinated efforts of chain developers and billionaire Elon Musk.
• Dogecoin powered 11,806,084 transactions without requiring a single KWH of energy per transaction.
Dogecoin is making waves in the crypto world for its unique ability to reduce its carbon footprint. In 2022, the meme token saw its annual carbon emissions decrease by around a quarter, making it one of the quickest crypto assets at reducing carbon discharge. According to a recent research by foreign currency data aggregator Forex Suggest, Dogecoin is currently the third-fastest digital asset in terms of reducing its carbon footprint, having slashed its emissions by 25% in 2022.
The Dogecoin network’s yearly electricity consumption decreased to 1,416,731 kWh in 2018 from 1,897,990 kWh in 2021, according to statistics from Forex Suggest. This is a result of the coordinated efforts of chain developers and billionaire Elon Musk, who has been working with Dogecoin developers to increase the system’s transaction processing efficiency. During that period, Dogecoin powered 10,544,431 transactions, using 0.12000 kilowatt-hours (KWH) of energy every transaction, whereas in 2022, it powered 11,806,084 transactions without requiring a single KWH per transaction.
The efforts of Musk and the Dogecoin developers have been further cemented by Musk’s decision to stop accepting Bitcoin (BTC) payments for Tesla cars due to its high energy consumption. Musk has stated that he is committed to reducing the environmental impact of cryptocurrency, and his work with Dogecoin is a testament to this commitment.
Dogecoin’s carbon footprint reduction is a major step forward for the cryptocurrency industry. The reduced carbon emissions of Dogecoin are a great example of how developers and investors can come together to create a more sustainable future for the digital asset market. As the industry continues to grow, more projects like Dogecoin will likely be implemented, further reducing the environmental impact of cryptocurrency.