Crypto has a huge carbon footprint problem. A single Bitcoin transaction requires an average of 1,173 kilowatt-hours (kWh), enough to power a typical UK home for more than three months.
Bitcoin appears to be the crypto currency. more energy consuming , with an average usage of 1,173 kilowatt-hours (kWh) for a single transaction, according to data from MoneySuperMarket.com.
In comparison, Google, owned by Alphabet, the world’s largest search engine, uses 12T Watt-hours (Wh), which accounts for about 12-percent of Bitcoin .
Facebook, the largest social network in the world, also needs 5TWh less for its functions – 3.5% compared to
Judging by the number of transactions that have taken place in the last 12 months, it is estimated that Bitcoin transactions used 123 Terawatt Hours (TWh) or 123 billion kWh of energy.
Invoice an Bitcoin’s GDP, roughly the GDP of the Bahamas
This means more energy consumed than 185 countries and is comparable to Norway’s annual energy consumption.
The cost of this carbon footprint is also billions, with the annual energy bill of Bitcoin amounting to $ 11.03 billion – roughly the same as the GDP of the Bahamas.
Non-fungible tokens (NFTs), which are digitally active on the blockchain, also contribute to this, as each step of the NFT cycle requires energy.
Although it varies depending on the NFT, it is estimated that the average NFT uses 340 kWh and has a carbon footprint of 241 KgCO2.
There has been a recent increase in the popularity of NFTs in the last year. According to Google Trends , the volume of Google searches for NFT in the US exceeded the searches for “crypto” and “bitcoin”.
While NFTs still use much less energy than some cryptocurrency counterparts, they still use 0.3 terawatt-hours (TWh) of energy, which is more electricity than in 28 countries.
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