Musk Making Dogecoin Environmentally Friendly
By Lesia Dubenko 462 21 Jan 2023
Though Musk thinks that Doge is ‘a silly joke’, he still likes it and helps it improve.
Musk-Dogecoin collaboration is reaching new heights, with the entrepreneur reportedly helping the now-iconic meme coin’s dev team to reduce its carbon footprint.
In May 2021, Musk shared a tweet where he stated that he is “working with Doge devs to improve system transaction efficiency. Potentially promising.”
And it seems like the results of that cooperation have borne fruit.
According to new research by Forexsuggest.com, the Luxembourg-based foreign exchange and education platform, Dogecoin was the only meme coin in 2022 to reduce its carbon footprint by a sizeable 25%. Compared to 2021, when Dogecoin produced 1,423 tons of emissions released, in 2022 the number lowered to 1,063 tons.
Bitcoin Cash and Ethereum, which switched from PoW to PoS in 2022, also managed to downsize their impact by 90 and 100% respectively.
“Some cryptocurrencies are making a conscious effort to reduce the amount of energy required for transactions to take place on their blockchain. For example, as previously mentioned, Ethereum has now moved from its PoW method of validating transactions to a PoS model. By doing this, the cryptocurrencies energy consumption per transaction has been reduced from 62.56 kWh to 0.03 kWh,” the researchers write.
Meanwhile, Cardano, Bitcoin, and Ripple showed a negative result, increasing the percentage of emissions by 113%, 52%, and 21% respectively.
Musk previously expressed concern over accepting Bitcoin for Tesla payments due to high carbon emissions, reiterating that Tesla would resume Bitcoin payments when mining is around 50% sustainable.
The CEO of Tesla and Twitter is recurrently supporting Doge, as a rule, pumping its price.
Yet, compared to other cryptos, in the past seven days, the token has not shown an impressive performance recently, surging by just 2.72%. The respective number for Shiba Inu (SHIB), Dogecoin’s competitor in the meme domain, stands at 21.16%.
Previously, Gagarin News reported that Musk made waves in the crypto community by tweeting a mysterious pic.