In the wake of the U.N.’s 2021 report that found
, sustainable business has become a key priority, with attention beginning to be paid to industries with large emissions.VIP+ analysis of data published byshows the global consumption of electricity for the three largest cryptocurrency platforms — Bitcoin, Ethereum and Dogecoin — amounted to 314.78 TWh as of Jan. 1, 2022, an increase of 240% from the 92.58 TWh at which the start of 2021 clocked in.
If Bitcoin, Ethereum and Dogecoin were a country, they would consume the 11th greatest amount of electricity in the world — greater than the likes of Saudi Arabia and the U.K. A more direct way to quantify the impact of NFTs is to estimate the carbon dioxide emissions NFT selling platforms are responsible for, and their equivalents. OpenSea is far and away the largest platform of those measured and creates the greatest amount of emissions, enough to have powered a good-size town of over 43,000 homes for a year.
The footprint related to NFTs is difficult to ignore, and it is already having an impact. In March 2021, online art store ArtStation announced plans to launch an NFT marketplace. Less than 24 hours later, it canceled these plans after facing a furious backlash on social media regarding the environmentally unsustainable nature of NFTs and crypto.
Let me make sure I understand NFTs. I give you money, and you give me nothing. Is that right?
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