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:
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.
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.
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.