Is Cryptocurrency Eco-Friendly?
We’ve seen Bitcoin hit multiple new all-time high prices over the past year making some rich some regretting to not taking part in that high risk but fun investment process. What about the environmental costs? Is Cryptocurrency Eco-Friendly?
Is Cryptocurrency Eco-Friendly?
Making cryptocurrency eco-friendly can be accomplished by mining with solar power and other green power sources. A factor to consider in determining whether or not a crypt-coin is sustainable is the company’s use of renewable energy. Genesis Mining, for example, a company in Iceland, uses 100 percent renewable power mining Bitcoin and Ethereum.
Other companies are going green to reduce utility costs and help protect the environment. Participating in a Sustainable Energy Program can help save on energy costs and keep transaction fees low for blockchain users. People have been so interested in cryptocurrency since it was introduced and using free scalping bots and different tools to maximize the profit. But it is equally important to ensure our environment’s safety.
In December 2018, Newsweek published a 2017 analysis suggesting the amount of energy required for mining is more than the energy consumption of 159 countries combined. With immense energy consumption, mining cryptocurrencies is creating environmental problems.
How to Determine if a Cryptocurrency is Environmental-Friendly?
If a crypto-mining company relies on fossil fuels to generate power, the cryptocurrency is not eco-friendly. Such companies cause environmental issues by releasing toxic carbon dioxide into the atmosphere, which researchers believe contributes to global climate change.
High energy costs to mine cryptocurrencies may result in networks paying higher transaction fees. Fortunately, mining data centers can use geothermal, hydroelectric, solar, or wind for energy sources. Below, we listed the top seven most sustainable cryptocurrencies in the marketplace.
BitGreen is an eco-friendly cryptocurrency that focuses on sustainability through incentive initiatives, such as carpooling using ride-share technology. Crypto users can volunteer at eco-friendly organizations and earn BitGreen cryptocurrencies.
Selected as the most eco-friendly cryptocurrency by Market Realist, Cardano relies on its coins percentage held by a miner to process tokens. Power processing of Cardano cryptocurrencies does not require extreme energy usage using their equipment. The blockchain features strict security to prevent breaches, cyber-attacks, and theft of assets.
Based on a report by TRG Data Center, Chia doesn’t consume much energy to process its cryptocurrency because it is not mining. Nano consumes less power while profiting which differs from traditional crypto miners.
The Ireland company Genesis Mining uses cloud-based technology, which utilizes less energy for transactions. While mining Bitcoin and Ethereum can use vast amounts of energy, Genesis made a strategic decision to go all green, relying on renewable energy.
IOTA uses the Tangle, an alternative technology that doesn’t require data centers and miners. The company offers alternatives to the traditional blockchain cryptocurrency processes used to mine bitcoin.
Nano uses a “proof-of-work” that has no mining, minting, or printing processing of the cryptocurrencies for billing. Rather than using a blockchain digital architecture, it uses an efficient blockchain lattice.
SolarCoin is a unique cryptocurrency that uses less energy for mining coins. The company encourages investment and installation in solar panels. The cryptocurrency works by creating one SolarCoin token for every megawatt-hour produced from solar power.
Cryptocurrency is eco-friendly for the environment if more companies turn to solar power and renewable energy to power their mining equipment. Search for eco-friendly cryptocurrencies online at https://www.okx.com/markets/prices for a list of environmental-friendly cryptocurrencies. Miners who are consuming energy using fossil fuels are contributing to climate change. Find a cryptocurrency that supports cleaner, cost-efficient energy resources.