Why is it important to know how much electricity the Avalanche network consumes annually? We were asking this question to China for BTC in 2021. China used the threat to carbon neutrality as an excuse when banning cryptocurrency mining. However, the latest report states that the Avalanche network does not have a serious problem in this regard. So, what are the price predictions?
Although the plans to reduce carbon emissions by 2050 do not make the issue of how much energy cryptocurrencies consume important today, it will become more significant in the future. China used this as an excuse during the 2021 crypto mining bans, but the issue will become more serious in the future. So, how much electricity does the Avalanche network consume?
The latest report answers this question precisely. According to the report published by the Crypto Carbon Ratings Institute (CCRI), Avalanche can be considered one of the most environmentally friendly blockchains. The team researching the environmental impact of crypto projects stated that Avalanche used 469,802.39 kilowatt-hours (kWh) of electricity as of June 1, 2023.
This figure is approximately 8.2% of Ethereum’s consumption and significantly lower compared to BTC consumption. The given figure is equivalent to the annual average consumption of 44 households in the United States. In addition, with only 178.3 tCO2e emissions per year, Avalanche became one of the least polluting PoS networks.
According to the Avalanche explorer, as of now, there were approximately 77 Subnets in operation with 1,464 validators.
Let’s put aside our concerns for the next 25 years and take a look at the current AVAX price. While the BTC price was testing $28,800, we did not see massive increases in altcoins. Failed tests have frustrated altcoin investors to the point that everyone started to think that waiting is the best option without seeing a real breakthrough in the BTC camp. Decreases in trading volumes also reflect this.
At the time of writing, the AVAX Coin price had reclaimed $9. If the price can see closings above $9.26, it can target double-digit prices again. After that, targets of $10.5 and $12 will come into focus.
For a real comeback, AVAX price needs more BTC increases compared to other altcoins. This year, AVAX, which will experience a nearly 40% increase in circulating supply (in total), could not resist excessive selling pressure.