So, blockchain mining and transactions are extremely energy-intensive. These processes today are globally comparable in total to the energy costs of a small country. And the problem is growing.
By the way, not all cryptocurrencies have equal energy costs. Many factors vary in these figures. Let's take a few of the most popular cryptos on the market. While Chia spends 0.023 kilowatts per hour per transaction, and Dogecoin differs by 0.12 kWh, the second most popular Ethereum is marked by 62.56 kWh, and the leader Bitcoin by an unthinkable 707 kWh. If the figures of the first two cryptocurrencies were extended to all market players, the problems would decrease tremendously. However, the most popular cryptos absorb the most energy, and this fact should be kept in mind.
ETH and BTC adhere to the oldest cryptos, and their energy problems are related to this fact. If ways can be found to change the technology while preserving the infrastructure, it will allow them to maintain market supremacy. Otherwise, their inefficiencies will gradually hover before them like a death sentence, while cryptos that are independent of the high processing power of mining - such as the aforementioned Chia - come to the fore. The idea behind Chia goes beyond established standards by offering to mine for the amount of disk space rather than memory.
Another good example of a new technology aimed at reducing environmental damage is the Nano. This crypto is based on a simplified consensus protocol known as Open Representative Voting (ORV). This approach has given users a ratio of minimum energy consumption with maximum efficiency, and the creators get a hundred points of head start in the competition for the crypto world crown in the future.