• Dogecoin’s annual carbon emissions decreased by 25% in 2022, making it the third-fastest digital asset in terms of reducing its carbon footprint.
• In 2022, the blockchain emitted 1,063 tons of CO2, compared to 1,421 tons in the previous year.
• Elon Musk stated in May 2021 that he was working with Dogecoin developers to increase the system’s transaction processing efficiency.
Dogecoin is quickly becoming one of the most eco-friendly cryptocurrencies on the market. Thanks to the coordinated efforts of chain developers and billionaire Elon Musk, the meme token’s annual carbon emissions decreased by around a quarter in 2022, making it the third-fastest digital asset in terms of reducing its carbon footprint.
According to a recent research by foreign currency data aggregator Forex Suggest, Dogecoin slashed its emissions by 25% in 2022, emitting 1,063 tons of CO2, compared to 1,421 tons in the previous year. While Ethereum saw the largest drop in CO2 emissions in 2022 after switching to a proof-of-stake consensus mechanism, its annual emission was 8.3 times that of Dogecoin.
Dogecoin’s yearly electricity consumption decreased to 1,416,731 kWh in 2018 from 1,897,990 kWh in 2021. The Dogecoin network powered 11,806,084 transactions in 2022, without requiring a single kilowatt-hours (KWH) of energy every transaction, compared to 10,544,431 transactions in 2021.
In May 2021, Musk stated that he was working with Dogecoin developers to increase the system’s transaction processing efficiency. He also noted that his electric vehicle company, Tesla, would cease accepting Bitcoin (BTC) payments, citing environmental concerns. The Dogecoin team responded to Musk’s comments by vowing to make their blockchain more efficient, while Musk has since declared his “support” for Dogecoin.
The coordinated efforts of developers and Musk have gone a long way towards making Dogecoin one of the most efficient and eco-friendly cryptocurrencies on the market. With its yearly carbon emissions drastically reduced, Dogecoin is now one of the most sustainable crypto assets, and its future looks brighter than ever.