Saturday, December 2, 2023

Crypto – Can it Go Green?

Crypto – Can it Go Green?

For the past few years, cryptocurrency has been a hot topic, especially among investors. More than 10 years ago, it started as a trend. Now, it has become a common way of buying and selling things. But, when it comes to making our finances green, most people don’t consider cryptocurrency

In May, billionaire entrepreneur Elon Musk stated that Tesla wouldn’t be accepting Bitcoin as payment because of its environmental impact. Instead, they will be looking at other cryptocurrencies that are using less energy for making transactions. Environmentalists also agree that mining Bitcoin can be taxing on the environment. For mitigating these claims, there are eco-friendly alternatives popping up. Here are the top eco-friendly cryptocurrency alternatives:

1. Cardano

This is a new blockchain that is more scalable and sustainable than Bitcoin and Ethereum. They claim that their network utilizes less than 0.01% of the Bitcoin network’s energy.

2. Chia

This cryptocurrency has a farming process that utilizes less energy than mining. However, it is not as eco-friendly as Cardano because, in the long run, it will lead to a ton of electronic waste.

3. IOTA

This cryptocurrency uses a technology called Tangle that doesn’t require miners. It requires minimal energy consumption and can be operated on low-tech devices.

More and more cryptocurrencies and companies are taking steps to ensure that their operations become more sustainable. An example of this is Bitfarms that has started mining Bitcoin through 100% renewable energy. Another example is that of Plouton Mining that has proposed building a solar farm in the Mojave Desert that will furnish most of their electrical usage.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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