Dogecoin Reduces Carbon Footprint Drastically In 2022 After Elon Musk's 'Working With Doge Devs' Comment

Dogecoin DOGE/USD was lauded as one of the cryptocurrencies that had the least impact on the environment in 2022.

What Happened: According to research conducted by Forex Suggest, 1,423 tons of emissions were released by the Dogecoin ecosystem in 2021, while the annual CO2 emissions in 2022 dropped to 1,063 tons — a drop of 25%.

See Also: Best Crypto Day Trading Strategies

Elon Musk in May 2021 said that he was working with Dogecoin developers to improve the efficiency of the system's transaction processing.

In 2021, Dogecoin powered 10,544,431 transactions, consuming  0.12000 kilowatt-hour of energy, or KWH, per transaction, while in 2022 it processed 11,806,084 transactions without consuming a single KWH per transaction.

Ethereum ETH/USD experienced a drastic 99.84% decrease in energy consumption due to its transition from a Proof-of-Work consensus mechanism to a Proof-of-Stake consensus mechanism. 

Bitcoin BTC/USD recorded the highest emission at 86,322,715 tons — up 34% from 2021.

Price Action: At the time of writing, Ethereum was trading at $1530, down 3.27% in the last 24 hours, according to Benzinga Pro data.

Read Next:  Bitcoin Falls Below $21K, Ethereum, Dogecoin Slide Amid Genesis Worries: Analyst Says Apex Crypto Needs 'To Trap Just A Few More Bears'

Illustration made using Creative Commons images.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketscarbon emissiondogecoinElon Musk
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...