As a result of the coordinated efforts of the chain’s developer and billionaire Elon Musk, Dogecoin’s annual carbon emissions will drop by about a quarter by 2022, making the meme token one of the fastest-growing crypto assets to reduce carbon emissions.
According to new research by foreign currency data aggregator Forex Suggest, Dogecoin is now the third fastest digital asset in terms of reducing its carbon footprint, after reducing emissions by 25% by 2022. In 2022, the blockchain will emit 1,063 tons of CO2. , compared to 1,421 tons in the previous year.
When Ethereum experienced the biggest drop in CO2 emissions in 2022 after switching to a proof-of-stake consensus mechanism, its annual emissions were 8.3 times that of Dogecoin.
The annual electricity consumption of the Dogecoin network decreased to 1,416,731 kWh in 2018 from 1,897,990 kWh in 2021, according to statistics from Forex Suggest, which has evaluated the global impact of crypto trading on carbon emissions.
Dogecoin And Elon Musk Team Up
Musk stated in May 2021 that he was working with Dogecoin developers to improve the system’s transaction processing efficiency.
During this period, Dogecoin provided 10,544,431 transactions, using 0.12000 kilowatt-hours (KWH) of energy per transaction, while in 2022, 11,806,084 transactions without requiring a single KWH per transaction.
Elon Musk and Dogecoin. Image: Getty Images
Musk also said in 2021 that his electric vehicle company, Tesla, will stop accepting Bitcoin (BTC) payments, due to the environmental problems associated with Bitcoin mining.
Additionally, they suggested in December 2021 that Dogecoin is a preferred payment alternative to BTC. The next day, he announced that Tesla would start taking DOGE to buy merchandise.
Forbes lists Musk as the richest individual in the world, with a net worth of nearly $120 billion. Musk founded the SpaceX rocket factory.
Image: Black Enterprise
Bitcoin Cash (BCH), a hard fork of BTC, is the second cryptocurrency to surpass Dogecoin in how quickly it reduces its environmental impact.
Bitcoin is followed in terms of carbon emissions by Polygon and BCH. BCH uses 18.96 kWh per transaction, while Polygon uses 90.18 kWh per transaction.
On Global Adoption & Go Green
Dogecoin is a digital currency invented as a “joke” by software engineers Billy Markus and Jackson Palmer.
In its early years, the meme currency hasn’t seen many technological updates. Among the famous meme currencies, it is the only proof-of-work (PoW) blockchain.
DOGE total market cap at $11.6 billion on the weekend chart | Chart: TradingView.com
At the time of writing, DOGE is trading at $0.0871, up 3.5% over the past week, according to data provided by Coingecko.
Meanwhile, some major organizations that criticize cryptocurrencies have highlighted the energy-intensive nature of crypto transactions and mining as a contributing factor to indifference.
As cryptocurrencies become more sustainable, their global use is expected to increase.
Featured image by Geographical Magazine