Revealing The Truth Behind Blockchain And Energy Consumption

 

Blockchain And Energy Consumption

Truth Behind Blockchain And Energy Consumption


Revealing The Truth Behind Blockchain And Energy Consumption

 

Science Behind NFT:

An NFT or non-fungible token is a digital asset. It is well-known for its authenticity and ownership of any digital material as it runs on blockchain.  Multiple numbers of individual NFTs and NFT collections have been sold in the last few years. It attracted artists and collectors worldwide.

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Blockchain is a rapidly evolving technology that has overcome numerous obstacles to reach this point. In that instance, it is generally believed that blockchain uses more energy.

 

Crypto And The Energy:

Crypto is pertinent to the real world. It uses a lot of energy. The reality might be shocking, Bitcoin, the world’s largest cryptocurrency, consumes only 150 terawatts, Nano (1.12e-13 terawatt), Hedera (1e-12 terawatt), Algorand (2e-13 terawatt), and Cardano (5e-10 terawatt)  hours of electricity per year.

NFTs are commonly minted on the Ethereum blockchain: each Ethereum transaction use around 48 kWh using a proof of work (POW) consensus algorithm. According to analysts, NFT uses 75 kWh throughout the course of its lifetime (with all transactions taken into account).

As of Wednesday, August 3, 2022, at the current Ethereum difficulty level, mining 1 Ethereum would take 11.4 days. A single transaction of Ethereum is equivalent to the energy used by a typical US home over the span of nine days. Additionally, a single Ethereum transaction uses less energy than 1,50,000 VISA card transactions. Each year, it uses about 137 terawatt hours of electricity.

 Also Read : Metaverse Play in Dentistry

Are Cryptos Consuming More Energy?

The truth is cryptos do not consume an enormous amount of energy themselves. The blockchain technology on which the NFT is stored is consuming more energy. Bitcoin’s decentralized structure drives a huge amount of carbon emissions footprint. To verify transactions, Bitcoin requires computers to solve complex math problems. The proof of work consensus mechanism consumes significantly more energy.

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The Latest Update:

According to the Ethereum Foundation, a new version of the platform will consume 99.95 percent less energy. The program will consume significantly less carbon after The Merge, from proof of work to proof of stake, making it more secure. According to research, families spent an additional $165 million in energy expenditures per year as a result of bitcoin mining, while businesses paid an additional $79 million.

However, a long-term debate has been going on about whether blockchain is energy efficient or not.





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