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07/02/2024

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Cardano unveils eco-friendly metrics to meet Europe's new MiCA rules

Cardano unveils eco-friendly metrics to meet Europe’s new MiCA rules 23 mins ago · 2 min read The report revealed that Cardano uses an energy-efficient consensus mechanism that requires less energy. ...

Cardano unveils eco-friendly metrics to meet Europe's new MiCA rules

Cardano unveils eco-friendly metrics to meet Europe’s new MiCA rules Cardano unveils eco-friendly metrics to meet Europe’s new MiCA rules 23 mins ago · 2 min read

The report revealed that Cardano uses an energy-efficient consensus mechanism that requires less energy.

2 min read

Updated: Jul. 2, 2024 at 12:02 pm UTC

Cardano unveils eco-friendly metrics to meet Europe’s new MiCA rules

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The Cardano Foundation, in partnership with the Crypto Carbon Ratings Institute (CCRI), has released the blockchain network’s sustainability indicators to ensure compliance with Europe’s Markets in Crypto-Assets (MiCA) regulation, according to a July 2 statement.

This release comes six months before the second phase of MiCA implementation for crypto asset providers. The initiative aims to align with MiCA requirements, mandating that crypto asset issuers and service providers disclose sustainability indicators. The first phase of MiCA, which targets stablecoins, took effect on June 30, with the second phase set to follow in six months.

To facilitate compliance, the Cardano Foundation collaborated with CCRI to gather and analyze quality data about the Cardano network. This collaboration resulted in a report that details comprehensive sustainability indicators specific to Cardano.

Cardano indicators

According to the report, Cardano employs an energy-efficient consensus protocol that consumes significantly less energy compared to Proof-of-Work blockchains like Bitcoin.

As of May 2024, the Cardano network has consumed only 704.91 MWh, translating to about 0.192 W per transaction per second (TPS).

Cardano Electricity Consumption
Cardano’s Key Metrics (Source: CCRI)

The report also discloses Cardano’s annualized carbon footprint and the carbon intensity of its consumed electricity, which are 250.73 tCO2e and 356 gCO2 per kWh, respectively.

These sustainability metrics align with the draft regulatory technical standards (RTS) specified by the MiCA regulation. Cardano hopes this report will set a benchmark for other blockchain networks.

Frederik Gregaard, CEO of the Cardano Foundation, emphasized the growing need to address sustainability in the crypto space. He highlighted that the partnership with CCRI will help Cardano meet MiCA’s stringent requirements and assist financial institutions in integrating sustainability into their digital asset offerings.

Similarly, Dr. Ulrich Gallersdörfer, CTO and co-founder of CCRI noted the importance of scientific methodologies and real-world data in measuring and managing the environmental impacts of blockchain networks.

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Posted In: Cardano, EU, Tokens

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