Energy Analysis for Cryptocurrencies
The Crypto Climate Outlook for 2021
|
Rank |
Currency |
Energy Used per Transaction (kWh) |
CO2 emitted per Transaction (tons) |
Projected 2021 Electricity Usage |
Projected Annual Emissions (tons CO2) |
No. Trees to Offset Emissions |
|
1 |
Bitcoin |
707 |
0.5302500000 |
75,766,894,371 |
56,825,171 |
284,125,854 |
|
2 |
Ethereum |
62.56 |
0.0469200000 |
29,267,017,296 |
21,950,263 |
109,751,315 |
|
3 |
Bitcoin Cash |
18.957 |
0.0142177500 |
1,970,044,710 |
1,477,534 |
7,387,668 |
|
4 |
Litecoin |
18.522 |
0.0138915000 |
693,681,721 |
520,261 |
2,601,306 |
|
5 |
Cardano |
0.5479 |
0.0004109250 |
7,051,032 |
5,288 |
26,441 |
|
6 |
Ripple |
0.0079 |
0.0000059250 |
4,243,705 |
3,183 |
15,914 |
|
7 |
Dogecoin |
0.12 |
0.0000900000 |
1,897,998 |
1,423 |
7,117 |
|
8 |
Stellar |
0.00003 |
0.0000000225 |
48,851 |
37 |
183 |
To Offset Bitcoin, 284.1 Million Trees Need Planting
As the most popular coin with the most energy intensive mining process, Bitcoin is on course to be the most polluting cryptocurrency of 2021, projected to emit 56.8 million tons of CO2.
This would require 284.1 million trees in order to offset the transactions and become carbon neutral.
To Offset Ethereum, 109.8 Million Trees Need Planting
While being much less energy demanding, Ethereum will require the second most trees as it is projected to emit 21.9 million tons of CO2 by the end of 2021.
It will take planting nearly 110 million trees to offset Ethereum’s contribution to carbon emissions this year.
As the popularity of NFTs also begins to flourish, this will only increase its carbon output.
To Offset Bitcoin Cash, 7.4 Million Trees Need Planting
Bitcoin Cash, which is on track to produce 1.5 million tons of CO2 in 2021, would require as many as 7.4 million trees to counteract its pollution.
Why is Bitcoin So Energy Intensive?
Bitcoin mining produces not only produces countless emissions, it also causes a build up of hardware and massive turnover of machinery, contributing to the ever-growing e-waste problem. As the years progress, people seek increasingly advanced hardware causing further build up.
According to the New York Times, the global estimates of Bitcoin’s use of renewables ranges from around 40-75% yet it is still not viewed as a viable power source for Bitcoin mining.
