The Code Green Methodology
The Code Green Calculator is taking full advantage of one of the most revolutionary innovations introduced by the Blockchain; radical transparency.
Everything is public here — each variable, wallet, transaction, and of course, every unit of gas consumed.
Here’s the formula we use to calculate the carbon footprint of transactions :
Total Gas Unit Consumed * $KgCO2 emitted Per Gas Unit = Kg of CO2 emitted By Contract
Total Gas Unit consumed
In order to find the total Gwei consumed by a smart contract, we retrieve every single transaction that happened on it. For that, we use the Etherscan API.
When the number of transactions exceeds 1000, we retrieve the Etherscan API block per block. That’s why you if you just input a larger contract - you may have noticed you had to wait a little longer.
Once we’ve retrieved each and every smart contract transaction, we then add every gas unit consumed per transaction. That’s how we finally get the Total Gas Unit consumed by the smart contract.
Kg of CO2 emitted per Gas Unit
Unlike other calculators, we deliberately chose not to attach an estimated Co2/kg figure for each Ethereum transaction because we know it is inherently inaccurate. ‘Transactions’ vary wildly in terms of energy consumption depending on the type of transaction - for example, minting an NFT is far more energy consuming than a simple transfer on the Ethereum blockchain.
Instead - our calculator automatically measures the overall, real-time smart contract footprint based on the kg co2 per unit of gas. This is a far more accurate indication of the real smart contract footprint.
Even here - deciding what the kg co2 unit of gas presents yet another hurdle because estimations for this vary considerably too. We decided to use one of the most pessimistic estimations that puts 0.0003182308 Kg CO2/Gas Unit based on calculations made by Memo Akten.
Like all carbon footprint analysis - this is a best estimate from currently available figures. Given there is no precise ‘scientific formula’ to calculate this - we would rather err on the side of caution to ensure you are mitigating the full impacts of your energy consumption.
What will happen after Ethereum 2.0?
Ethereum has announced plans for a drastic reduction of the impact of its network down by -99%, which is anticipated to start in the summer of 2022. Once Ethereum merges to a less energy consuming proof of stake protocol (known as ‘the Merge’), the calculation of the Kg/CO2 emitted per Gas Unit will be very different.
This will allow us to provide an estimation based on:
- The old calculation for the transactions that happened before the Block of the Merge.
- The new calculation (approximately -99%) for the transactions that happened after the Block of the Merge.