A new report from the blockchain platform states that Solana transactions use far less energy than their contemporaries. According to its latest energy usage report, Solana claims that two Google searches consume more energy than a single Solana transaction. The network discovered that a Solana transaction requires 24 times less energy than charging a mobile phone for one hour of consumption. The report states that the annual energy consumption on Solana is 3,186,000 kilowatt-hours (kWh).
While one Solana transaction consumes 1,837 joules of energy, two Google searches consume 2,160 joules of electricity. report good Solana said. In terms of crypto, while a Bitcoin The transaction consumes 6,995,592,000 joules of energy, while a single Ethereum The transaction costs 692,820,000 joules.
“Overall, Whole” solana The network – with 1,196 validator nodes and an estimated 20,000,000 transactions – uses an estimated 3,186,000 kWh per year. This is equivalent to the average electricity use of 986 US households,” the study said.
The report that Solana is set up greener than other popular crypto networks comes at a time when several countries have expressed concerns about the high-energy demand for crypto activities.
Between 1 January 2016 and 30 June 2018, mining operations for the four major cryptocurrencies released an estimated 13 million metric tons of carbon dioxide.
Earlier this month, the Electric Reliability Council of Texas (ERCOT) said it expected a five-fold increase in the energy load that would be needed to support bitcoin mining facilities in the state. At the time, residents linked crypto-related activities to the major power cuts that occurred in December of last year, which caused hundreds of deaths due to the cold.
In September, China imposed a complete ban On crypto mining and trading.
Commenting on this move, Elon Musk Was said“Part of this could actually be due to power outages in many parts of China. Random power outages are happening in a lot of South China right now because the demand for electricity is higher than expected. Crypto mining could play a role in this. Is”.
The Solana Foundation has pledged that it will be actively involved in the development of the network, making environmentally friendly decisions, as well as releasing regular reports on its energy consumption.
Launched as a competitor to the Ethereum network, Solana launched its beta network in March 2020. Its native token is SOL, which has an impressive market cap of $58,818,583,551 (approximately Rs 4,41,580 crore). CoinMarketCap