According to a new analysis from the blockchain platform, Solana transactions require extremely little energy compared to its competitors. Solana claims that two Google searches spend more energy than a single Solana transaction, according to its latest Energy Use Report.
Solana transactions use 24 times less energy than charging a phone for an hour, according to the network. According to the study, Solana’s yearly energy use is 3,186,000 kilowatt-hours (kWh).
According to the Solana report, one Solana transaction consumes 1,837 Joules of energy, whereas two Google searches consume 2,160 Joules. A single Bitcoin transaction uses 6,995,592,000 Joules of energy, while a single Ethereum transaction uses 692,820,000 Joules.
“The whole Solana network consumes an estimated 3,186,000 kWh per year, with 1,196 validator nodes and an estimated 20,000,000 transactions.” “This is the equivalent of 986 American families’ typical electricity use,” according to the report.
This analysis, which claims that Solana is greener than other major crypto networks, comes at a time when various nations have raised worry about crypto’s high energy use.
Mining activities for four main cryptocurrencies emitted up to 13 million metric tonnes of CO2 between January 1, 2016, and June 30, 2018.
The Electric Reliability Council of Texas (ERCOT) announced earlier this month that it expects a five-fold increase in energy demands to support the Bitcoin mining operations springing up around the state. Residents had linked crypto-related activities to the severe power outages they had experienced in December of last year, which resulted in hundreds of fatalities from exposure to the cold.
China banned bitcoin mining and trading completely in September.
“Part of it may really be due to electrical shortages in many places of China,” Elon Musk had remarked in response to the move. Because electricity consumption is higher than projected, several parts of South China are experiencing unpredictable power disruptions right now. Crypto mining might be a factor in this.”
The Solana Foundation has committed to publishing regular updates on its energy use and to making environmentally conscious decisions in the network’s growth.
Solana debuted its beta network in March 2020 as a rival to Ethereum’s network. According to CoinMarketCap, its native coin, SOL, has a market capitalization of $58,818,583,551 (approximately Rs. 4,41,580 crore).