Bitcoin named dirtiest crypto of 2022, tops major carbon emissions token: report

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Bitcoin was the world’s dirtiest cryptocurrency in 2022 after producing nearly a ton of carbon dioxide (CO2) in emissions per transaction, according to a report by Forexsuggest.com, a foreign exchange and education platform based in Luxembourg.

See related article: Can Ethereum’s proof-of-stake transition save the planet?

Fast factsThe Bitcoin network saw a substantial increase in CO2 emissions last year after pollution cuts in 2021, according to the report. emissions from the atmosphere, according to the exchange platform. The report does not take into account the growing number of bitcoin producers who are turning to sustainable energy sources. In the third quarter of 2022, the sustainable energy mix of the bitcoin mining industry was estimated at 59.4%, which represents a 3% improvement over the previous year, according to the Bitcoin Mining Council. Bitcoin Mining, or its proof-of-work (PoW) consensus mechanism, has long been one of the main criticisms against the network due to its energy-intensive requirements. Ethereum, once the second-largest mining blockchain in the world, completed the transition to a Proof-of-Stake (PoS) consensus mechanism last September to reduce network power consumption by 99.95%. Unlike PoW, in which miners use computing power to compete and validate transactions, PoS relies on token holders to lock up a certain amount of their coins as collateral to verify transactions in exchange for rewards. Of the ten cryptocurrencies by market capitalization, XRP used the least energy per transaction last year, while the Polygon network had the second highest CO2 emissions per transaction, according to data from Forex Suggest. Litecoin, which also operates on proof-of-work (PoW) as a fork of the Bitcoin blockchain, was the second-largest polluter last year, producing around 525,400 tonnes of CO2. Bitcoin Cash, another Bitcoin fork, came third on the list with 141,400 tons of CO2.

See Related Article: US Raises Red Flag On Crypto Mining Amid Carbon Emissions Concerns

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