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Eco-Friendly Crypto Alternatives for the Environmentalists
As Cryptocurrencies are surging in popularity, the concern and discussion of the sustainability of these methods and energy-intensive cryptocurrencies is also on the rise. Read below to discover eco-friendly alternatives out there!
Published on March 20, 2021
Eco-Friendly Crypto Alternatives for the Environmentalists
Eco-friendly alternatives striving for a green mining process and a green digital currency.
As Cryptocurrencies are surging in popularity, the concern and discussion of the sustainability of these methods and energy-intensive cryptocurrencies is also on the rise.
The most widely used cryptocurrencies Bitcoin and Ethereum (as of the day of writing), are both utilizing proof-of-work (PoW) mechanisms that consume enormous amounts of electricity and energy.
As more institutions and customers shift towards these digital currencies, the demand for energy and the electricity consumption will sharply rise.
Fortunately, there are several eco-friendly initiatives that may not have the attention of the masses at the moment, however, I believe this will change as the amount of energy consumed increases.
Below, you shall find a list of eco-friendly crypto coins or initiatives (listed with no specific order).
According to Cambridge Bitcoin Electricity Consumption Index (A tool that calculates the currency's energy use created by researchers at Cambridge University), the cryptocurrency's energy use has reached an equivalent to the annual carbon footprint of Argentina.
BitGreen
BitGreen is also a cryptocurrency that utilized the rather energy efficient consensus mechanism proof-of-stake and aims to re-invent mining with more energy efficient methods as well as less energy consuming mechanisms.
Hydrominer
Hydrominer as perhaps you have guessed from the name, explores the potentials of hydro energy. Hydrominer aims to transform the unsustainable energy intensive mining process with a greener process using hydropower. The utilization of hydropower cuts both energy usage as well as costs of the mining process.
SolarCoin
SolarCoin is an interesting and definitely a promising one! This project encourages and celebrates the user of solar generated energy as it mints 1 SolarCoin token for every megawatt hour generated electricity (generated through solar solutions). This is not only great for the environment but also a great way to encourage and subsidize the solar energy industry as solar energy producers can sell their power to end-users as well as earn an income stream through the SolarCoin tokens earned.
Cardano (ADA)
Cardano (ADA) is a cryptocurrency that utilized proof-of-stake consensus mechanism that utilizes a significantly lower amount of energy than proof-of-work mechanism. This makes this coin, a more sustainable and eco-friendly options that its proof-of-work peers. This coin, however, is currently, far less popular than the giants such as Bitcoin and Ethereum.
Final words
The blockchain technology is far from perfect and as we see it grow in popularity and demand, we, for sure, will face many challenges. However, it is encouraging to see that there are always firms and pioneering institutions that take a brave step towards a healthier and more sustainable future.
Interested to know the difference between proof-of-work and proof-of-stake ? Click here
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