- Research by Crypto Carbon Ratings Institute (CCRI) indicates that Polkadot consumes less electricity than top cryptocurrencies.
- Polkadot consumes 6.6 times the electricity consumption of an average US household in a year.
- The Ethereum-killer has announced the Pioneers Prize Program for a $20 million investment in the Polkadot ecosystem.
- Analysts predict that Polkadot breakout and retest is complete, the altcoin is in the buy zone.
Ethereum’s competitor Polkadot network consumes the least electricity compared to Bitcoin, Solana and other top cryptocurrencies. This implies that Polkadot has a less negative impact on climate change than its counterparts . The network recently announced its Pioneers Prize program to reward technological innovation on the Polkadot blockchain.
Polkadot beats leading smart contract platforms, Bitcoin with least electricity consumption
The Crypto Carbon Ratings Institute (CCRI) conducted a new research on the electricity consumption of blockchain networks like Ethereum, Solana, Bitcoin and Polkadot. Based on research findings, Polkadot consumes less power than most popular cryptocurrencies, at 6.6 times the annual electricity consumption of an average US household.
Bitcoin consumes the most electricity, followed by Ethereum, Solana, Cardano, Algorand, Avalanche and Tezos.
The electricity consumption by a blockchain network is a factor influencing the inflow of capital from institutional investors. This is evident from Tesla’s move in 2021, when the electric car giant stopped accepting Bitcoin payments in 2021, citing the environmental impact of BTC mining.
The Polkadot network recently announced its Pioneers Prize program, with a reward of $20 million for technological innovation in its ecosystem. The Ethereum-competitor is keen on supporting the growth of its ecosystem and Web3; the prize sets a series of challenges to pick winners.
The news of the Pioneers Prize program and Polkadot’s low electricity consumption compared to its peers have fueled a bullish outlook on DOT among investors.
Analysts have evaluated the Polkadot price trend and noted that the altcoin has completed its breakout and retest. @CryptoBoss1984, a pseudonymous technical analyst, believes that Polkadot is in the buy zone.
$DOT falling wedge breakout and retest dome, buy as much u can here pic.twitter.com/tZjddy8Mnb
— CryptoBoss (@CryptoBoss1984) February 6, 2022
FXStreet analysts have predicted that the Polkadot price would offer a buying opportunity before the altcoin rallies 45%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin price bullish outlook intensifies as DOGE turns 10
Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat. The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.
Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally
The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long.
Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization
Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem. Its foray above the $42,000 psychological level has market watchers enthused.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.