Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-02-17 19:47:00

Polkadot Electricity Consumption Is Less Than Solana, Bitcoin, And Ethereum

Electricity consumption has been one of the major concerns with the advent of cryptocurrencies especially Polkadot. Though with models running with the Proof-of-Stake (PoS) consensus mechanism, this electricity use seems to be minimal since their process for transaction validations is staking. But the story is not the same for those running with Proof-of-Work (PoW) such as Bitcoin. Mining is the associated process through which the PoW models could validate their network transactions. However, the process consumes lots of electricity as it uses highly computational equipment to solve cryptographic puzzles. This high energy consumption led to several crackdowns on crypto mining in different countries, especially Bitcoin, in 2021. The move was in line with the argument that such practices facilitate environmental pollution. This concern on energy consumption propelled the Crypto Carbon Ratings Institute (CCRI) to research the rate of electricity consumption by some blockchains. CCRI studied some networks like Solana, Bitcoin, Ethereum, and Polkadot in its research. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc Based on the results from CCRI research, Polkadot, the strong competitor of Ethereum, emerged as the network with the least electricity consumption compared with Ethereum, Solana, Bitcoin, and other top cryptocurrencies. This indicates that Polkadot minimally impacts en...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.