Here is a statistic, the Bitcoin blockchain network consumes as much as 8.6 million times what the US average household uses in electricity. Now, nobody in their right mind can believe that this will go on without hard hitting regulations. To be honest, considering the power outages in so many countries due to Bitcoin mining, people are turning against cryptocurrencies. Thankfully, altcoins are doing much better in terms of power consumption. On the other hand, Bitcoin maintains a massive dominance over the market. Hence, here is the conflict in our crypto story, Bitcoin is the old drunken king while altcoins are reaching for the crown. Amongst the gallant altcoins, the Polkadot network turns out to be the most energy efficient. In fact, the Polkadot network only consumes 6.6 times an average US household.
Buy Polkadot on HiExchange to save the Planet!
Polkadot Network Leads the Pack
According to a new study by Crypto Carbon Ratings Institute (CCRI), the Polkadot network consumes the least amount of electricity. In the meantime, Bitcoin remains the polluting champion while Ethereum is as always in the second position.
Based on the data, DOT consumes only 6.6 times as much as an average household in electricity. Clearly, the sophisticated twist on the proof-of-stake blockchain network is the reason why, Nonetheless, it turns out not all blockchain networks are made equal.
As for the next best options, Tezos, Avalanche, Algorand, Cardano and Solana are following DOT’s lead.
“An average US household consumes about 10,600 kWh per year and therefore, the least electricity consuming network Polkadot consumes about 6.6 times the electricity and the most electricity consuming network Solana about 200 times the electricity (U.S. Energy Information Administration, 2021. Bitcoin consumes much more electricity than any Proof of Stake system due to its Proof of Work consensus mechanism, resulting in the deployment of energy-intensive hardware.”
Winter is Coming
Forget about what Cathie Wood and Michael Saylor and Pomp say about Bitcoin. Today, as of early 2022, the world is facing a huge energy crisis, environmental crisis, greenflation, record high gas and oil prices, historical supply-chain issues as well as multiple other lurking in the dark. Bitcoin mining goes against every effort to deal with all the above-mentioned issues. As Bitcoin grows in value, the volatility remains higher than ever. In that sense, a new wave of regulatory actions against BTC mining can seriously harm Bitcoin. Subsequently, a sharp plunge caused by regulations can also wipe out numerous innocent altcoins because of Bitcoin dominance.
The only remedy for the crypto market is in fact the highly efficient proof of stake algorithm. The Polkadot network maintains a good reputation in terms of reliability and scalability and now it is the most energy efficient. This news may not have a strong positive effect on DOT price but it is a significant achievement for the whole blockchain industry.
You can learn everything about Polkadot and its native token DOT on “What is Polkadot?”
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Backed by 24/7 customer support, our great reviews on OkChanger and Trustpilot is a testament of our good will. We are on Bestchange and are always amongst the top exchanges.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
