Although cryptocurrency is best known for its potential financial danger, it is now coming under fire for another less-than-desirable issue. Concerns have been raised in recent months about the harmful impact that cryptocurrency is having on the environment.
In a nutshell, the impact is that as cryptocurrency trading becomes more popular, so does electricity consumption.
The Cost of Coin Mining and Transaction Tracking
Estimating the energy consumption associated with cryptocurrency mining is a difficult issue, however, it is commonly understood as the energy necessary to digitally mine cryptocurrencies and process trade transactions, as well as the power consumption of the hardware equipment used to support these efforts. Estimates vary, but some observers believe that the annual energy consumption associated with cryptocurrency is comparable to that of a small country.
15 Cryptocurrency Options That Are Good For The Environment
If you want to invest in digital money but want to do so in the most environmentally friendly way possible, look into these cryptocurrencies, which are all assisting the industry in forging a smart and speedy path to sustainability.
1. Algorand (ALGO)
Algorand declared its blockchain to be 100% carbon-neutral in April. This cryptocurrency has also forged a relationship with Climate Trade, an organization dedicated to assisting businesses in improving their sustainability profiles.
2. BitGreen (BITG)
BitGreen prefers financial incentives to push policy change as a type of industrial disruption. It intends to introduce its much-anticipated new mobile impact wallet this fall. The program will allow users to record ecologically favorable behaviors, such as using a ride-hailing service, and would compensate them financially for doing so.
3. Cardano (ADA)
Cardano, which was founded by Ethereum co-founder Charles Hoskinson, describes itself as a third-generation blockchain. It is the first blockchain that employs multiple layers of technology. This cryptocurrency has recently faced some criticism for failing to garner the kind of traction that Hoskinson had hoped for, although it remains the world’s fifth-largest cryptocurrency.
4. Chia (XCH)
Chia, developed by BitTorrent’s Bram Cohen, may be mined using Amazon Web Services’ cloud computing infrastructure. It makes use of a user’s desktop by providing downloadable software that allows users to earn Chia tokens by operating the decentralized platform on their hard drives.
DEVVIO, an anticipated summer debut, is a prospective up-and-coming ‘green’ option in the market. DEVVIO says that its blockchain network can solve problems that others have not, such as financial institution integration and efficiency. DEVVIO promises to be able to process eight million transactions per second.
6. Hedera Hashgraph (HBAR)
The popularity of Hedera Hashgraph is growing, and it has lately eclipsed Ethereum (ETH) in terms of a number of trades. This cryptocurrency’s technology is sophisticated, with the system depending on a note-comparing protocol that avoids the need for progression through the full blockchain.
The cryptocurrency anticipates modifications in late 2021 that will enable sharding, which would partition the network and, as a result, allow for an increase in the number of transactions without an energetic disadvantage.
7th. Holo (HOT)
Holo’s goal is to provide users with their own blockchains. Each individual “agent” or “host” serves as its own storage site and blockchain, earning holo tokens in exchange. Holo is fast gaining popularity, thanks to its ability to enable anyone interested in cryptocurrency who has been sitting on the sidelines to jump in and invest.
8. IOTA (MIOTA)
IOTA is not based on a blockchain. Instead, this crypto employs a cryptography-based verification method known as Directed Acyclic Graph (DAG). This enables transactions and verifications to keep pace in real-time.
9. MetaHash (MHC)
This decentralized, open-source coin is built on Blockchain 4.0 and promises a transaction validation rate of less than three seconds.
10. Nano (NANO)
Because this cryptocurrency does not rely on mining, its carbon footprint is already minimal. This is due to the fact that Nano’s process for validating transactions avoids the need for a whole blockchain, enhancing speed and efficiency while reducing the risk of increased energy usage.
11. rippling (XRP)
Ripple describes itself as an “open-source, permissionless, and decentralized blockchain technology that can settle transactions in three to five seconds.”
12. Signum (SIGNA)
The blockchain that was originally Burstcoin is now Signum, with ambitions to rebuild carefully based on the lessons learned from Burstcoin. Sustainable mining, decentralization, feature innovation, minimal fees, and widespread accessibility are among the goals for the rebirth.
13. Solarcoin (SLR)
This cryptocurrency is based on real-time, in-real-life energy conservation — each hour of power generated by solar technology generates one new Solarcoin. Although solar power customers bear the burden of evidence, there is an automatic financial incentive to do so.
14. Stellar Lumens (XLM)
Stellar Lumens is Stellar’s cryptocurrency, which is an open-source blockchain system that provides an open-source payment option. Stellar excel at efficient cross-currency transfers, which is becoming increasingly important as cryptocurrency trading gets more popular.
15. TRON (TRX)
TRX is the most important coin on the TRON blockchain, which aspires to decentralize the internet.
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