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Bitcoin is more polluting than Dogecoin and Co
Last week, Tesla CEO Elon Musk turned his back on Bitcoin. According to a tweet from Technoking, the car manufacturer no longer accepts digital coins as a means of payment. The reason for this is the high greenhouse gas emissions that result from the energy used in mining (Trending Topics reported). In fact, when compared to other cryptocurrencies like Musk's beloved Dogecoin, Bitcoin may be significantly more polluting. According to the Coin Carbon Cap website, Bitcoins are currently, ideally, the least energy-efficient digital currency per transaction.
"Actual effort is higher"
According to the analysis, each Bitcoin transaction ideally produces 113.9 kilograms of CO2 emissions. This puts the currency in last place on the energy efficiency list. The number one Bitcoin SV, here the emissions are only 0.5 kilograms per transaction. In second place is Ethereum with five kilograms. On the other hand, Dogecoin is far behind in eleventh place with huge emissions of 79.4 kilograms. By the time Bitcoin miners have implemented one megawatt hour with their activities, they only have to carry out an average of 2.2 transactions. This also puts the currency in last place. With Bitcoin SV, on the other hand, there are around 407 transactions.
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Coin Carbon Cap measures energy efficiency by dividing the hashrate of each currency over the last 24 hours by the efficiency of the most environmentally friendly mining hardware available. “The actual energy expenditure is probably significantly higher. Because only a minority of miners use the most energy-efficient hardware. But for comparison, we looked at the best possible scenario for each crypto currency, ”says Coin Carbon Cap.
Bitcoin miners sometimes use coal
So, while Bitcoin SV ranks first, it's mainly due to the environmentally friendly technology some miners use. A big argument Elon Musk made against Bitcoin was that mining is in part powered by fossil fuels like coal. In fact, according to Coin Carbon Cap, the transaction traffic for the currency is much higher than for most other cryptocurrencies. In order to be able to sustainably cope with the enormous energy consumption in mining, the appropriate technology is necessary. However, this is also used for Bitcoin, among other things. One example is the British miner Argo Blockchain, who specializes in the currency and whose data centers are increasingly relying on hydropower.
Correction: In an earlier version of this article, we incorrectly portrayed Bitcoin as being more energy efficient than Dogecoin and Co. This has been corrected in this version.
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