Solana (SOL) Transactions and The Environmental Impact

Solana:  Solana was built to be an incredibly energy efficient chain. The most recent energy impact report from Solana Foundation found that a Solana transaction uses around the same energy as a few Google searches – 2,707 Joules, to be precise.

In order to offset the already-low energy impact, Solana Foundation funded the permanent destruction of CFC and HFC refrigerants — greenhouse gasses 10,000x as potent as CO2.

Making sure the future of the internet is sustainable is something everyone working in web3 should strive for. The Solana Foundation will continue to encourage energy-efficient innovation in the ecosystem.

The full report and data is available for those who will be interested.  In 2021, Solana Foundation endeavoured to learn, “How big is Solana’s energy footprint, actually?” During May 2021, it reached out to Robert Murphy, an independent expert in energy and crypto.  They asked him to pin down the environmental impact of transactions which are happening on the network.

For those who are not sure what transactions are:  Transactions are the fundamental building blocks of Solana or any network.  Whether it is about buying an NFT, executing a trade or any activity on the network are all transactions.

The first report on the Solana network’s energy impact was out during November 2021.  This made it clear about how much is Solana’s energy usage when compared to regular, everyday activities and a comparison was also made to other blockchain networks. In the latest report, Murphy’s explores:  1. Rising total emissions.  2.  Increasingly Clean Power.  3.  Extreme Network Efficiency.

Also, the Solana network has achieved carbon neutrality in 2021 by way of the Solana Foundation’s investment in refrigerant, which is considered to be one of the high impact methods to reduce carbon emissions.  This, the network plans to continue through at least 2022.

The broader market is choppy and the price of Solana is trending at $102.  The recent dip had the buyers to exit the market and a lot of sell off was noticed in the 4-hour chart. The resistance mark for the SOL price was at $110 and at the time of writing the price was trending at $102. If the bears continue to exert dominance, the price of SOL will decline further. With the price falling it is also seen that the buying pressure is increasing. It just looks like sellers are driving the price momentum in the market.

Otherwise, the Solana’s NFT ecosystem is continuing to rise.  They have to state that Solana is the promised land for the NFTs.