British Colombians seeking assistance from the Red Cross face long lines and delays due to a congested phone line

British Colombians seeking assistance from the Red Cross face long lines and delays due to a congested phone line

Perhaps more surprisingly, the report claims the entire Solana network uses an estimated 3,186,000 kWh per year, which is equivalent to the average electricity usage of 986 American households. In May, the Solana Foundation contracted Robert Murphy to write the report in order to “frame the environmental impact” of transactions on the Solana network. Murphy is the founder of Othersphere and was formerly an Energy Specialist at the World Bank.

A transaction on the Solana blockchain uses 24 times less energy than charging your phone, according to the research. According to the report, each Solana TX consumes less energy than two Google searches. According to a report released Nov. 25 by the Solana Foundation, a transaction on the Solana network uses less energy than two Google searches and 24 times less energy than charging your phone. According to the paper, a single transaction on the network consumes 0.00051 kWh (1,836 Joules) of energy. An typical Google search consumes 0.0003 kWh (1,080 Joules) of energy, according to Google.

The Solana network is less decentralized than Bitcoin or Ethereum with 1,196 validator nodes that process an estimated 20 million transactions per year. The report states the Foundation will further reduce the network’s energy usage by implementing a program before the end of this year to become carbon-neutral and offset the environmental footprint of the ecosystem. No additional information was provided on whether the network plans to purchase carbon offsets or actually reduce its emissions.

As Solana (SOL) relies on a Proof of Stake consensus mechanism, the network is far less energy intensive than those relying on the Proof of Work mining method such as Bitcoin (BTC) and Ethereum (ETH). Statista estimates that a single BTC transaction uses an average of 4,222,800,000 joules. It should be noted that networks technically do not use any particular amount of energy for an individual transaction. The energy usage of the network can be the same whether it processes one transaction or one million. However it is often used as a rough, if contested, comparison,

With that in mind, one Ethereum transaction uses about 644,004,000 joules based on the average number of transactions and amount of energy required to run the network. According to Statista, the energy consumption of one ETH transaction is comparable to “more than several thousands of VISA card transactions.” Crypto’s climate impact: Are carbon offsets good enough? However Eth2 is expected to use about 99% less energy than the current mainnet following the switch to Proof of take. Another low-energy alternative is Ripple (XRP), which uses 28,440 Joules per transaction. Ripple says that for every million transactions on its network, the amount of energy used could’ve powered a light bulb for 79,000 hours. For the same amount of transactions, the energy used by BTC could power a light bulb for 4.51 billion hours. For this reason, Ripple claims that XRP is 57,000 times more efficient than BTC.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Razer is developing a handheld gaming device that will compete with Steam Deck
Razer is developing a handheld gaming device that will compete with Steam Deck
The hardware is still heavily in the development phase, so further details about how the streaming aspect will work haven’t been described. A new contender ...
Total War in Action The development of Troy has come to an end, leaving only Total War: Warhammer 3 to develop
Total War in Action The development of Troy has come to an end, leaving only Total War: Warhammer 3 to develop
joked yesterday that it’s not all about Warhammer III, but apparently it kinda is? A Creative Assembly spokesperson posted on the Total War Discord yesterday ...
Ralf Rangnick's telephone conversation with Edinson Cavani, who leads the six-man exodus from Manchester United
Ralf Rangnick’s telephone conversation with Edinson Cavani, who leads the six-man exodus from Manchester United
Boca Juniors chief Juan Roman Riquelme revealed Cavani had been putting the feelers out as far back as January when he called to enquire about joining the ...
New note about Mass Effect Legendary Edition on Xbox Game Pass
New note about Mass Effect Legendary Edition on Xbox Game Pass
Despite a user claiming to come in December, no further details have been released for the time being. I’m not sure if this is a PC-only addition from EA ...
Cop26 could be a game changer for greening the financial sector |  Howard Davies
Cop26 could be a game changer for greening the financial sector | Howard Davies
One obvious problem is that after years of effort by the IASB to reconcile its standards with those of the US standard-setters, the Americans have still not ...
TVS Emerald declares new financing scheme for homebuyers
TVS Emerald declares new financing scheme for homebuyers
An aspiring home-buyer needs to pay 10 per cent as booking charge and 85 per cent of payment after two years on completion of flooring of the purchased unit. ...
Apple CEO Tim Cook discusses watch bands: backward compatibility, design philosophy, and more
Apple CEO Tim Cook discusses watch bands: backward compatibility, design philosophy, and more
Customers may pick from a variety of Apple Watch bands, and the Apple Watch’s design allows users to replace their bands as often as they like, which is ...
Wall Street Veteran Unveils $1.5 Billion Encryption Fund, MELD ISPO Highlights Cardano, Dec. 2
Mercado Libre e-commerce giant uses Paxos to enable encryption service in Brazil
Last week, Mercado Libre told CoinDesk that it was entering the cryptocurrency environment in Brazil together with “a world-class custodian,” adding that it ...
Prior to the Michigan shooting, the suspect's parents spoke to school officials during school hours.
Prior to the Michigan shooting, the suspect’s parents spoke to school officials during school hours.
The kid, Ethan Crumbley, was prosecuted as an adult, according to Oakland County prosecutor Karen D. McDonald. Mr. Crumbley faces seven counts of assault ...
Meta relaxes Facebook Cryptocurrency ad policy - Tells Crypto Sustains to 'mature and stabilize'
Meta relaxes Facebook Cryptocurrency ad policy – Tells Crypto Sustains to ‘mature and stabilize’
“We’re making it easier to run ads about cryptocurrency on our platform,” Meta emphasized, adding: We’re doing this because the cryptocurrency landscape has ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo