A current report takes a close look at the energy consumption of the Solana network.
The pressure on the blockchain industry is widening due to environmental concerns. Recently, these concerns have increased, especially in the Scandinavian region. A current report from Solana tries to prove, however, that a single transaction in this network uses less energy than two Google searches.
This report provided a dynamic analysis that can be recalculated as the network grows. In the November 2021 update, the Solana Foundation found that a single Solana transaction uses 0.00051 kWh, or 1,836 joules of energy
, it says in the report. It was created with the assistance of the energy and climate consultant Robert Murphy. The objective was to study the environmental impact of transactions on the Solana Global State Machine. Since it is a Proof of stakeNetwork, its security does not depend on the use of energy. There is also no need for energy-intensive mining. Other technologies like Proof of history and parallel processing ensure even lower energy consumption, according to Solana.
Solana uses a fraction of the energy that Bitcoin uses
Proof of history works like a cryptographic clock. The nodes agree on the chronological order of events on the chain. The verification is then carried out by Proof of stake. In addition to significantly lower energy consumption, this process also enables Solana to achieve much higher transaction speeds. The network is able to execute 65,000 transactions per second. This makes it 2,000 times faster than Ethereum.
The total consumption of the entire Solana network with its estimated 20,000,000 transactions is given as 3.186 gigawatt hours per year. That’s less than 1,000 average American households. The Bitcoin network, on the other hand, consumes loudly Cambridge Bitcoin Electricity Consumption Index with 119 terawatt hours more than the whole of the Netherlands.