Main navigation

Cardano Outperforms PayPal and Netflix with Lower Energy Consumption: Details

Tue, 08/23/2022 - 11:45
article image
Tomiwabold Olajide
Cardano is also less energy intensive than gold mining or Bitcoin proof of work (PoW)
Cardano Outperforms PayPal and Netflix with Lower Energy Consumption: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to Cardano daily, a Cardano community-focused Twitter account, Cardano might be more energy efficient than Paypal, YouTube and Netflix based on its energy consumption.

A thread of tweets highlights that Cardano is also less energy intensive than gold mining or Bitcoin proof of work (PoW), given its estimated yearly consumption of 0.0027 TWh or 2.7 GWh.

Based on data from the Cardano explorer, Cardano runs on 3,198 pools, which puts its estimated yearly consumption at 3.103 GWh, or 0.0031 TWh. On the other hand, the estimated Bitcoin yearly consumption is given at 214,944 GWh, or 214.944 TWh.

This makes Cardano 69,270x more energy efficient than Bitcoin.

Energy Consumption
Energy Consumption Bitcoin & Cardano, Courtesy:

As reported by U.Today, IOHK CEO Charles Hoskinson gushed about Cardano's sustainability virtues in a recent Forbes interview, asserting that the proof-of-stake cryptocurrency was significantly more energy-efficient than Bitcoin.

As Hoskinson stated, "The advantage of proof of stake is that because you don't have that gargantuan overhead and energy expenditure for deciding who gets to make a block, it means you can put a lot of your magic in the other two stages."

Charles Hoskinson: Cardano Is 1.6 Million Times More Energy Efficient Than Bitcoin

However, a Coinshares Bitcoin mining report released at the start of the year indicated that Bitcoin only contributed 0.08% of global carbon dioxide (CO2) emissions in 2021, suggesting that talking points about the network's energy usage may be a little bit overstated.

Yoroi wallet prepares for Vasil

The official Yoroi Wallet Twitter account tweeted recently, "We have started to update our servers in preparation for the Vasil hard fork. Users may experience a slow-down in services through this transition.''

Yoroi Wallet is an official crypto light wallet developed by EMURGO for Cardano ADA and Ergo ERG users.

According to Cardano's IOG, Vasil remains one of the most complex upgrades it has undertaken to date, hence safety and security are its top priorities.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.