Press release
PRESS RELEASE. February 20, 2222Cryptowisser is a leading Crypto comparison website. It has announced its Crypto Carbon Footprint List. Based on research by an international team of sustainability professionals, the list ranks which cryptocurrencies are the most sustainable.
This list shows how each transaction impacts the environment by its carbon footprint. To display the different levels and impacts of energy efficiency and carbon footprints, each coin is assigned a specific color. For example, dark green represents the highest level of carbon neutrality or negligible, while medium green corresponds with a VISA transaction.
“We are excited to release the world’s first comprehensive ranking of carbon footprints of Cryptos and we hope to give more clarity in the market regarding how green different cryptos are. Based on our research, we can also give a positive outlook for the sustainability of Crypto”
Richard Ramberg CEO, Dgtl Assets Group AB
Is Crypto a Green Business?
A cryptocurrency’s carbon footprint is calculated on how much energy was consumed during daily operations such as mining and running nodes. This is combined with the cleanness of the energy. A miner powered by renewables, or located in an electricity grid with clean power will have significantly less carbon footprint than those powered by fossil fuels.
What percentage of Cryptocurrencies is carbon neutral?
Algorand is the most green cryptocurrency, taking top place as the greenest.
Most of the coins were ranked within the Light Green category. This means most top 100 cryptocurrency have very low carbon footprints.
The data shows that only a small number of coins have high carbon footprints, which is a good sign for crypto’s future sustainability. This trend has also been reinforced by newer, greener cryptocurrency.
Are you looking for proof of work or proof of stake?
The energy consumption of the Cryptos depends primarily on the mechanism/consensus algorithm used for a block of transactions to be added to a Cryptocurrency’s digital ledger, so called blockchain, in combination with the energy efficiency of the equipment that is performing the algorithms.
Proof of Work or Proof of Stake are two of the most commonly used types. Although they may have some similarities, there is a significant difference in their methods of executing transactions. Proof of Work transactions typically use about 1000 times more energy than Proof of Stake transactions. It is clear that Proof of Stake coins have the highest carbon footprints. Proof of Work coins, however, are generally more friendly.
Final Remarks
A carbon neutral or negative crypto world does not seem unachievable at all, even if the process of third party verification and “Proof of Green” need to accelerate. The majority of cryptocurrency transactions have carbon emissions similar to VISA transactions. But, BTC (and ETH) are both in the process of becoming more sustainable and energy efficient.
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