Dogecoin lowered its CO2 emissions last year. In 2022, the meme currency not only performed strongly compared to other cryptos, but it also reduced its own environmental impact by 25 percent.
New research data show that Dogecoin was one of the few cryptocurrencies in 2022 to significantly reduce its carbon footprint. According to Forex Suggest data, the reduction was in line with a whopping 25%, which is particularly favored by meme coin developers and Tesla CEO Elon Musk.
Initially, Tesla invested in Bitcoin and even started accepting it as payment for their cars. However, Musk later said that the mining and transactions of cryptocurrency are not environmentally friendly and closed the possibility of using Bitcoin as a means of purchase. This has spurred some BTC mining farms to switch to greener mining, which is ultimately having a huge impact, although still a source of concern.
Instead of Bitcoin, Musk turned his attention to DOGE, which, although created as a joke, is more suitable as a means of transaction than digital gold. Currently, several items in the Tesla store can be bought exclusively with DOGE, however buying cars with the meme cryptocurrency is not available. The Dogecoin developers have been actively working to further reduce CO2 consumption by DOGE. Ultimately, this resulted in a reduction in CO2 emissions from 1.423 tons in 2021 to 1.063 tons of CO2 in 2022. Thus, annual emissions are reduced by almost 25%, which is an excellent result. Increased environmental friendliness and greater support in the crypto community will make Dogecoin an interesting financial product again in 2023.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.