Solana transactions use very little energy compared to its contemporaries, a new report from the blockchain platform says. According to its latest Energy Usage Report, Solana claims two Google searches consume more energy than one Solana transaction. The network discovered that Solana transactions require 24 times less power than charging a mobile phone for an hour. 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 energy, The report by Solana said. Regarding cryptocurrencies, while a Bitcoin transaction consumes 6,995,592,000 Joules of energy, while one Ethereum request transaction 692,820,000 Joules.
“In total, all Solana The network – with 1,196 validating 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.
This report, which establishes Solana greener than other popular crypto networks, comes at a time when several countries have expressed concerns about the high energy demands of crypto operations.
From January 1, 2016 to June 30, 2018, mining operations for the four major cryptocurrencies released an estimated 13 million tons of carbon dioxide.
Earlier this month, the Electrical Reliability Council of Texas (ERCOT) said it has predicted a fivefold increase in the amount of energy needed to support the burgeoning Bitcoin mining facilities in the state. Residents at the time linked crypto-related activities to the massive power outage they suffered in December of last year, which resulted in hundreds of deaths from the cold.
In September, China imposed a ban about cryptocurrency mining and trading.
Comments on the move, Elon Musk Yes speak, “It could be partly due to power shortages in many parts of China. A lot of southern China is currently experiencing random blackouts because of higher-than-expected electricity demand. Cryptocurrency mining could play a role in that.”
The Solana platform has committed that it will issue regular reports on its energy consumption, and proactively make eco-friendly decisions in the development of the network.
Launching as a competitor to the Ethereum network, Solana launched its beta network in March 2020. Its native token is SOL, with an impressive market cap of $58,818,583,551 (approximately Rs. 4,41,580 crore), according to CoinMarketCap
