The Ethereum Energy Consumption Index provides the latest estimate of the total energy consumption of the Ethereum network.
Annualized Total Ethereum Footprints
25.83 Mt CO2
Comparable to the carbon footprint of Mongolia.
Comparable to the power consumption of Qatar.
Single Ethereum Transaction Footprints
Equivalent to the carbon footprint of 147,742 VISA transactions or 11,110 hours of watching Youtube.
Equivalent to the power consumption of an average U.S. household over 4.04 days.
How is the Ethereum Energy Consumption Index calculated?
The Ethereum Energy Consumption Index has been designed with the same purpose, methods and assumptions as the Bitcoin Energy Consumption Index. The details of the latter can be found here. In essence, the following steps are followed in order to estimate the network’s total electricity consumption:
- Total mining revenues are calculated and converted to USD.
- It is estimated what part of mining revenues are being spent on electricity costs.
- The resulting number is easily converted to kilowatt-hours by dividing it by the average price per kilowatt-hour.
Offsetting your ETH carbon emissions can be accomplished in 3 easy steps.
Contact us about offsetting your projects carbon footprint
What is a carbon credit?
A carbon offset credit is a transferable instrument certified by governments or independent certification bodies to represent an emission reduction of one metric tonne of CO2, or an equivalent amount of other greenhouse gas (GHG). The purchaser of an offset credit can “retire” it to claim the underlying reduction towards their own GHG reduction goals. There are two types of offsets, compliance and voluntary credits.
Compliance credits are created and regulated by mandatory regional, national, and international carbon reduction requirements.
Voluntary credits function outside of the compliance credit markets and enable companies and individuals to purchase carbon offsets on a voluntary basis.
How do carbon credits work?
- Real – The project’s carbon reduction is measurable.
- Additional – The value of reductions must be beyond “business as usual.”
- Verified – An independent and qualified third party has conducted a detailed reviewed of all aspects of the carbon project, and attests to the emission reduction claim.
- Registered – Carbon credits are unique, serialized, tracked and can be retired only once.
- Permanent – The GHG removal, represented by carbon credits, is permanent and cannot be reversed. For forest projects, the project registrar provides a robust buffer system to account for any unforeseen reversals (forest fire, etc.).
What types of projects do carbon credits fund?
Carbon offset projects come is many forms and are located all over the world. Some of the more notable projects include:
- Forestry and other land use projects.
- Carbon capture and storage of emissions from fossil fuel combustion.
- Emission reductions in industrial processes.
- Energy efficiency and renewable energy is evolving rapidly and becoming business as usual.
What are the standards used to verify carbon credits?
Carbon projects are governed by green house gas registries.
- American Carbon Registry (ACR) – A carbon offset registry for the voluntary and California regulatory carbon markets.
- Climate Action Reserve (CAR) – A carbon offset registry for the U.S., Mexico and Canada.
- Gold Standard Foundation (GSF) – A certification standard for offset projects located mostly in developing countries. Gold Standard projects have a high level of achievement of Sustainable Development Goals.
- VERRA - Verra registers carbon projects under a several different standards. The recognizable Verified Carbon Standard (VCS) is the largest carbon project registry for the worldwide voluntary carbon market. Other Verra standards ensure that carbon projects are also meeting human and ecological needs, such as the Climate Community and Biodiversity standard and the Sustainable Development Verified Impact Standard (SD VISta) ensures that the carbon projects are also meeting both human and ecological needs.
- UN Clean Development Mechanism – The UN CDM is an international registry used by compliance markets around the world.
Why buy carbon credits?
Climate change is a puzzle, as with any puzzle there are multiple pieces that fit together in order to complete the picture. Reducing emissions and decarbonizing economies is urgently required, however time is running out and the technology to do so is not always available.
This is where carbon credits come in. Companies and individuals can account for their unavoidable emissions by buying carbon credits from certified activities that support community development, protect ecosystems or install efficient technology to reduce or remove emissions from the atmosphere. When you purchase a carbon credit from Tree Peace, you are supporting projects that we are currently sponsoring.