In this article I will try to compare ETC, XMR, RVN, ERGO and XCH value creation in comparison to their respective electricity consumption.
In my previous article Chia network efficiency comparison to BTC and ETH, I have done comparison to BTC and ETH, so I will use the same analogy for this one.
Before I continue, I would like to define a new measure for the purpose of this and my future articles on this topis, and that would be “Crypto Green Efficiency” short CGE, wich is calculated by the following formula:
Annual Generated Value [€]
———————————————– = CGE [€/Wh] (Crypto Green Efficiency)
Anual Energy Consumption [Wh]
Now that we have defined the measure let us continue.
Ethereum Classic – ETC
According to Aljazeera article (source: https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly) on may 13, 2021 energy consumption for ETC is 1.7 TWh per annum.
On average ETC is mined 21,280 per day (source: https://bitinfocharts.com/ethereum%20classic/ ), 365*21,280=7,767,200 ETC per annum
Current price of ETC is 31€ (source: https://coinmarketcap.com/currencies/ethereum-classic/)
7,767,200*31€ = 240,783,200€ per annum.
CGE = 240,783,200€ / 1,700,000,000,000Wh = 0.000142 €/Wh
CGE (ETC) = 0.00014 €/Wh
Monero – XMR
According to Aljazeera article (source: https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly) on may 13, 2021 energy consumption for XMR is 1 TWh per annum.
On average XMR is mined 523 per day (source: https://bitinfocharts.com/monero/), 365*523=190,895 XMR per annum
Current price of XMR is 208€ (source: https://coinmarketcap.com/currencies/monero/ )
190,895*208€ = 39,706,160€ per annum.
CGE = 39,706,160€ / 1,000,000,000,000Wh = 0.00004 €/Wh
CGE (XMR) = 0.00004 €/Wh
Dogecoin – DOGE
According to Aljazeera article (source: https://www.aljazeera.com/economy/2021/5/13/after-musk-bitcoin-u-turn-which-coins-are-more-climate-friendly) on may 13, 2021 energy consumption for DOGE is 7.8 TWh per annum.
Current price of DOGE is 0.14€ (source: https://www.coinbase.com/price/dogecoin )
5,000,000,000 * 0.14€ = 700,000,000€
CGE = 700,000,000€ / 7,800,000,000,000Wh = 0.00009 €/Wh
CGE (DOGE) = 0.00009 €/Wh
Chia Network – XCH
In my previous article “Chia network efficiency comparison to BTC and ETH” I have calculated CGE (XCH) = 0,0013 €/Wh
Figure 1 – Crypto Greef Efficiency for XMR, DOGE, ETC and XCH
In figure 1 you can see that difference between XMR and XCH is more that 30 times. XCH produces 30x more value in euros per watt, and 10x more that ETC.
In my next article, I will calculate the cost of mining/farming equipment in Euro per Watt, in order to compare the costs of setting up a mining/farming operation for BTC, ETH, ETC and XCH.
MSC science, Phd student
University of Belgrade,
Faculty of physical chemistry.
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