Solana Network More Energy-Efficient than Google: Report
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New reports show that Solana (SOL) might have the most energy-efficient network among the host of existing blockchains. The report illustrated that the SOL network exhibits “greener” properties than using the Google search engine.
As cryptocurrency mining activities continue to receive flak for their heavy carbon footprint, Solana’s latest Energy Use Report for November shows that the crypto space is indeed capable of toeing a greener line.
According to the report, the Solana Foundation revealed that a single transaction on the network consumes a paltry 0.00051 kWh (1,836 Joules).
For context, a simple task like initiating a single search on Google consumes 1,080 Joules. This means that facilitating two google searches consumes more energy than a single transaction on the SOL network.
Also, a transaction on the Solana network requires 24 times the energy needed to charge a mobile phone. Meanwhile, it takes 36,000 Joules to power an LED light bulb for an hour and about 46,800 Joules to work on a computer for the same period.
Interestingly, the entire Solana network consumes roughly 3,186,000 kWh per year, equivalent to the electricity usage of 986 households in the US. For context, Bitcoin—the largest cryptocurrency network—consumes seven times as much energy as the whole of Google and even whole countries.
Key Solana Levels to Watch — November 29
Following a week-long decline from the $230 area on FUD sparked by the discovery of a potentially deadlier and more transmissible COVID-19 variant dubbed “Omicron,” SOL appears to have regained a semblance of bullish traction.
The fifth-largest cryptocurrency held its position above the $182 support despite intense bearish pressure and facilitated a rebound into the four-month-long ascending channel. The cryptocurrency crossed the critical $200 mark earlier today but recorded a bullish slowdown at the 50 SMA.
That said, I expect a steady bullish continuation along my channel back towards the $230 mark over the coming days as purchase volume rises, provided that SOL maintains its footing above the $200 psychological support.
Meanwhile, my resistance levels are $209, $216, and $230, and my support levels are $200, $182, and $172.
Total Market Capitalization: $2.56 trillion
Solana Market Capitalization: $61.9 billion
Solana Dominance: 2.42%
Market Rank: #5