Cryptocurrencies aren’t generally known for being energy efficient.
Take the leading market capitalization project (Bitcoin), which as we write this (May 2020) used around 4.8 TeraWatt hours (TWh) per month in electricity. This equates to about 58 TWh per year and about 28 million tonnes of carbon dioxide (CO2) released into the atmosphere each year (Source https://digiconomist.net/bitcoin-energy-consumption). .
1 TWh is enough electricity to power one million one-bar electric fires for one thousand hours (nearly 42 days).
Since April 2019, Crown’s new consensus algorithm “Masternode Proof of Stake” or MN-PoS has successfully processed hundreds of thousands of blocks. MN-PoS is highly efficient since ordinary virtual private servers (VPS) are used to process transactions while also securing the network by providing full copies of the blockchain.
Recently, contributors took part in a discussion to more thoroughly consider Crown’s energy usage and CO2 footprint. It’s hard to get exact figures so we decided to work backwards from the figure of $3 per month per masternode and $1.5 per month per systemnode. This is a fairly typical cost for the VPS which node operators are likely to be using. It’s still hard to pin down how much of this cost is electricity and therefore how much CO2 one node generates. .
We simplify the calculation by assuming all of the $5 is spent on electricity and ignore rent, staff, insurance and other costs. This is a higher, conservative estimate and with more scientific analysis could be lowered, but to cover us from argument and accusations, $5 is our starting point. We would like the community to help us refine our power usage and even expand upon our estimates. .
To calculate the electricity usage per node we need a figure for the cost of electricity per kWh. The commercial rate varies widely around the world. We calculated an average value of $0.19 per kWh given the geographic distribution of the Crown network. .
Finally, to calculate the amount of CO2 generated we assume a worst-case scenario of all coal-fired power stations. According to IPCC
these generate 346kg of CO2 per MWh. .
Power consumption per masternode per month = 21.6 Watts, .
Power consumption per systemnode per month = 10.8 Watts .
Cost per kWh = $0.19, .
CO2 generated per MWh = 346 kg. .
You can watch real-time offset and network consumption on the Crown Platform monitor
In December 2020, a team of professionals from the NFTree.org initiative submitted a proposal to the Crown network (DAO) to make the blockchain carbon neutral. This proposal is now active and Crown Platform is offsetting around 3/4 of its carbon emissions. The Micorriza Association is a non-profit environmental organization based in Spain. NFTree proposes to offset the CO2 emissions produced
by the block producing agents of the Crown network – all Masternodes and Systemnodes
. Read the details below. . proposal to make crown carbon neutral