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Top cryptocurrency Cardano claims to be more energy efficient than Netflix, YouTube and PayPal

Cardano’s community-focused Twitter account, Cardano Daily, shared the data of its energy consumption on August 22 via a tweet and claimed that Cardano might be more energy efficient than Netflix, YouTube, and PayPal.

In a series of tweets, Cardano also highlights the fact that the Cardano network is less energy intensive as compared to Bitcoin proof of work (PoW) or gold mining, by providing its estimated yearly energy consumption of 0.0027 TWh or 2.7 GWh.

Cardano explorer data showed Cardano works on 3,198 pools, estimating its annual consumption at 3.103 GWh. On the other hand, Bitcoin’s yearly energy consumption stands at 214,944 GWh.

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

In a recent Forbes interview, IOHK CEO Charles Hoskinson talked about Cardano’s sustainability and energy effectiveness by declaring that the proof-of-stake cryptocurrency is more energy efficient as compared to Bitcoin, as reported by online media.

“The advantage of proof of stake is that since you don’t have that extremely high energy use for deciding who will make a block, it implies you can place a great deal of your magic in the other two phases,” as stated by Charles Hoskinson.

However, the Bitcoin mining report of Coinshares released at the beginning of the year demonstrated that Bitcoin only contributed 0.08% of global carbon dioxide emissions in 2021, suggesting that ideas about the network’s energy use might be somewhat exaggerated.

Yoroi Wallet recently tweeted that we have begun to update our servers in anticipation of the Vasil hard fork. Users might encounter a slowdown in services through this transition.

EMURGO created the Yoroi Wallet for Cardano ADA and Ergo ERG clients, which is also a crypto-light wallet.

As per Cardano’s IOG, Vasil is quite possibly one of the most complex updates it has gone through to date, hence security and safety are its first concerns.

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