Electricity consumption has been one of the major concerns with the advent of cryptocurrencies especially Polkadot. Though with models running with the Proof-of-Stake (PoS) consensus mechanism, this electricity use seems to be minimal since their process for transaction validations is staking. But the story is not the same for those running with Proof-of-Work (PoW) such as Bitcoin. Mining is the associated process through which the PoW models could validate their network transactions. However, the process consumes lots of electricity as it uses highly computational equipment to solve cryptographic puzzles. This high energy consumption led to several crackdowns on crypto mining in different countries, especially Bitcoin, in 2021. The move was in line with the argument that such practices facilitate environmental pollution. This concern on energy consumption propelled the Crypto Carbon Ratings Institute (CCRI) to research the rate of electricity consumption by some blockchains. CCRI studied some networks like Solana, Bitcoin, Ethereum, and Polkadot in its research. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc Based on the results from CCRI research, Polkadot, the strong competitor of Ethereum, emerged as the network with the least electricity consumption compared with Ethereum, Solana, Bitcoin, and other top cryptocurrencies. This indicates that Polkadot minimally impacts en...
