Contents
Bitcoin
- number of transactions per day (2022) : 240 000
- per year : 87 000 000
- going slightly down for the last 3 years
- With the number of new bitcoins issued per block decreasing by half approximately every four years, the final bitcoin is not expected to be generated until the year 2140
- a new block (6.5 bitcoin) is produced approximately every 10 minutes. A new bitcoin is mined on average every 1.6 minutes
Proof of work / state
- In proof of work
- Anyone can try to resolve the algorithm for any transaction
- very poor energy efficiency as only one miner will validate the transaction
- Difficulty is one of the most important aspects of Proof-of-Work mining. It is derived using the network hash rate and determines the speed at which miners are able to validate an encrypted block. In the context of bitcoin mining, the difficulty adjusts every 2016 blocks and aims to maintain an average block time of 10 minutes. The computers will always consume more ! (more processing)
- In proof of stake
- A small number of clients will be able to validate the transaction (chosen randomly)
- the first one will get the reward
- thought to reduce the energy consumption by 99%
Bitcoin Carbon Footprint
See this report
- 2020 : estimated at 402 kg per transaction (45 MT yearly)
- En 2022 c’est 1,2T/transaction selon cette source (115 MT yearly)
- It’s 0,5% of the world electricity consumption
- in 2020 number of transactions went down
- but energy per transaction went up (because the bitcoin value is high resulting in higher mining incentive)
- The inherent problem with this, as Charles Hoskinson, co-founder of Ethereum, told CNBC, is that “the more successful bitcoin gets, the higher the price goes; the higher the price goes, the more competition for bitcoin; and thus the more energy is expended to mine [it]
- carbon footprint per transaction : up 34%
The bitcoin mining can be more “responsible” due to the electricity price fluctuation
- Miners favor cheap electricity and this happens mostly when there is an excess of it, notably when renewables are producing more
- They can move around to take advantage of this
- Still, there is great advantage to use fossil fuels (a lot of mining in China, US, Kazakhstan)
Future
- Scalable off-chain instant payments with Lightning Network
‘Green’ POS Blockchains
- Bloomberg article comparing cryptos (solana, polkadot & Cardano)
Ethereum
Carbon footprint
- 100 Kg / transaction according to this article (or 147,86 kg)
- Ethereum Energy Consumption Index
- 0,1% world electricity according to this
- 15 MT / year
Ethereum 2
- Passer en proof of stake
- Bientôt release (“The merge”), end of june 2022
- Selon eux : réduction de la conso electrique de 99,95%