Satoshi Nakamoto, the creator of Bitcoin, figured out how to randomly choose which miner could write the next block of information using mathematical equations. The Bitcoin system works on a proof-of-work principle. In order to write the next block, a miner’s computer must solve a complex equation and whose computer will do it faster, he will get the right to write the next block to the system.
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Every day the complexity of the equations increases, and with it the demands on the equipment. As a result of proof-of-work networks are provoking a situation where energy consumption is increasing and using more and more natural ones.
About 90% of NFTs today are sold through the Etheteum platform, which also uses proof-of-work. When a user makes or sells an NFT, all the data is written into a block. In the case of Etheteum, each transaction happens once every few seconds. That said, even if people don’t produce NFT, the system will still make transactions, but with other elements. In early 2021, a manifesto was published by user Memo Akten, where he performed a calculation of how much each NFT produced increases the carbon footprint.
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This table shows one method of calculating emissions as of October 8, 2021.
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| Name | Gas | Transactions ᅠ | kgCO2 ᅠ |
| Art Blocks ᅠ | 8756400546 ᅠ | 73620 ᅠ | 3336893 ᅠ |
| Async ᅠ | 2682742201 ᅠ | 23928 ᅠ | 905177 ᅠ |
| Foundation ᅠ | 70824065154 ᅠ | 395269 ᅠ | 31629583 ᅠ |
| KnownOrigin ᅠ | 11452164645 ᅠ | 61186 ᅠ | 3977724 ᅠ |
| Makersplace ᅠ | 32657198905 ᅠ | 110226 ᅠ | 10932105 ᅠ |
| Nifty Gateway ᅠ | 1445519970 ᅠ | 29279 ᅠ | 661300 ᅠ |
| OpenSea ᅠ | 1592368367580 ᅠ | 8888770 ᅠ | 655648763 ᅠ |
| Rarible ᅠ | 171642953984 ᅠ | 1246418 ᅠ | 67217701 ᅠ |
| SuperRare ᅠ | 24336594302 ᅠ | 251460 ᅠ | 8772221 ᅠ |
| Zora ᅠ | 4085215807 ᅠ | 15165 ᅠ | 1844186 ᅠ |
This table shows us which marketplaces load the network the most and how much carbon dioxide they release into the environment.
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Today there are many blockchain platforms that work on the principle of proof-of-stake. Your computer does not need to solve complex equations to write a block into the system. All you have to do is put money into the block. Roughly speaking, pay, whose bid is higher, and he will have the right to write the block into the system. Such platforms don’t require serious power and we end up using dozens of times less electricity.
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Ethereum, the main NFT blockchain titan, plans to switch to proof-of-stake as early as next year. But most doubt they will succeed. It may take them a few years to make the transition, but it is just as important that the Ethereum team recognizes the problem and is fighting it.
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Today, cryptocurrency mining is centered on mining stations.
You will rarely see a person mining cryptocurrency at home. To solve energy problems, centralized cryptocurrency mining stations can be converted to other forms of “green energy. Be it hydro, solar, or other types of renewable energy. By switching to this type of energy, people would burn a few times less coal or other minerals, and cryptocurrency mining would become more environmentally friendly.
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We believe that most blockchain systems will eventually switch to proof-of-stake, so miners will be able to spend less money on expensive equipment and electricity. And cryptocurrency mining will become more environmentally friendly.
