![]() One research paper from the Hunan University analyzed the performance of some well-known tokens, including Monero (XMR) and Verge (XVG), showing that the latter’s five available mining algorithms had great variance in terms of efficiency and consequently power consumption. Initial research indicates (unsurprisingly) that the specific mining algorithm plays a significant role in determining the extent of power consumption and that the use of renewable energy is more prevalent than popularly believed. Researchers have attempted to estimate the energy consumption rate of cryptocurrencies, with questionable success, given the existence of many unknowable factors, like the specific geolocation (power costs) of miners, the variance in mining equipment used and the introduction of new PoW-based based networks into the market. The growth of bitcoin and most other digital assets, however, is dependent on the capacity to mine new blocks which requires considerable amounts of power - a topic that has created considerable controversy. This study takes a look at the (still sparse) research into the exact consumption rate of major cryptocurrencies and their carbon emission.Ĭryptocurrencies continue to develop and gain recognition, as a rising number of public and private entities consider the technology and its implementation. The migration is partially motivated by the fact that PoW networks consume substantial amounts of power, by way of the requiring powerful hardware to maintain network consensus. ![]() The transaction validation process is called mining and is conducted for all Proof-of-Work (PoW) based systems, which still dominate the cryptocurrency market despite a rising migration to other consensus mechanisms, like Proof-of-Stake (PoS). ![]() Cryptocurrencies rely heavily on powerful hardware to validate transactions and generate additional “blocks”, which then become immutably logged on the transaction ledger. ![]()
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