Dogecoin Becomes 3rd Fastest Cryptocurrency To Lessen Its Carbon Footprint
Recently, Dogecoin, one of the world’s fastest-growing cryptocurrencies, announced a significant reduction in its carbon footprint. According to a recent report, Dogecoin has cut its CO2 emissions by 25%, making it the third fastest crypto to slash its carbon footprint.
Following collaboration between blockchain engineers and billionaire Elon Musk, the yearly carbon emissions of Dogecoin saw a significant decrease of around 25% in 2022. This result makes it one of the most efficient crypto assets in minimizing carbon output.
Dogecoin’s remarkable reduction of 25% in its carbon footprint in 2022 makes it the third-most expedient digital asset. There is a reduction from 1,421 tons of CO2 produced in 2021 to 1,063 tons in 2022.
In 2022, Ethereum experienced the most significant decline in CO2 emissions after transitioning to a proof-of-stake consensus protocol. Yet, its yearly release was 8.3 times greater than Dogecoin.
Musk And Dogecoin Collaboration
In May 2021, Musk announced that he was collaborating with Dogecoin developers to heighten the efficacy of the network’s transactions. That same year, Dogecoin processed 10,544,431 transactions, utilizing 0.12000 KWh for each transaction.
However, by 2022, Dogecoin could process 11,806,084 transactions without needing a single KWH per transaction. Furthermore, Musk revealed in 2021 that Tesla, his electric car company, would no longer accept BTC payments due to the ecological troubles linked to Bitcoin mining.
In December 2021, Elon Musk (co-founder of the rocket company SpaceX) proposed Dogecoin as a more desirable payment choice than Bitcoin. The following day he declared that Tesla would commence taking DOGE for product purchases.
Bitcoin Cash (BCH), a hard fork of Bitcoin, is now surpassing Dogecoin in terms of reducing its environmental impact more quickly. BCH and Polygon have lower carbon emissions per transaction than Dogecoin, with BCH utilizing 18.96 kWh and Polygon 90.18 kWh.
On Worldwide Acceptance & Going, Green
Despite being one of the more prominent meme-based cryptocurrencies, it has yet to undergo many technological advancements and remains the only PoW blockchain in addition to Bitcoin. Furthermore, Dogecoin is supporting the international war against climate transformation by prioritizing sustainability and energy efficiency.
By transitioning to renewable energy sources and optimizing its codebase, Dogecoin is leading the way in reducing its carbon footprint and becoming an example of sustainability in the crypto space. Meanwhile, several large entities criticizing digital currencies have pointed out the vast energy expenditure in crypto transactions and mining, which might contribute to their lack of acceptance.
As the energy consumption of cryptos becomes more efficient, their broader adoption and utilization worldwide will likely expand.
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