The levels of computer processing and energy required to mine cryptocurrency has been worrying environmentalists for a while now. How eco-friendly cryptocurrency was wasn’t one of the focuses of the new system when it was first established. But with most energy sources for computer processing coming from fossil fuels and an increasing number of cryptocurrencies on the market, this new currency could soon become a major contributor to global carbon emissions.
According to the Bitcoin Electricity Consumption Index, Bitcoin mining uses more energy than Sweden. Recently, smaller more eco-friendly cryptocurrencies have emerged on the market, aiming to address environmental concerns. While it’s hard to predict just how environmentally friendly they would be if scaled to Bitcoin, but in terms of approach to mining and current energy consumption per coin, some are currently greener than others.
We’ve put together a list of some of the most eco-friendly cryptocurrency on the market today to watch.
1. SolarCoin (SLR)
SolarCoin aims to drive real world action through incentivising solar power. This eco-friendly cryptocurrency employs a unique approach to production with one coin being produced for every MWh generated from solar energy. Users upload documentation of solar energy generation and are in turn rewarded with SolarCoins.
2. Cardano (ADA)
Cardano is a more energy efficient platform than Bitcoin requiring token purchase to join the network using a “proof of stake” system. Cardano claims to only consume 6 GWh of power per year compared to Bitcoin’s 112 TWh making it a much more eco-friendly cryptocurrency.
3. Chia (CXH)
Unlike Cardano, Chia uses a mining process known as “proof of space” allowing it to be a more eco-friendly cryptocurrency by utilizing less energy and computing power. Users can download the network’s transaction platform, Mainnet and use free hard-drive space to plot and farm tokens. Chia claims to use only .16% of the energy consumption of Bitcoin and .36% of Ethereum.
4. BitGreen (BITG)
Similar to SolarCoin, the BitGreen approach to eco-friendly cryptocurrency aims to incentivize environmentally friendly action. Users can earn BITG by recording eco-friendly activities such as carpooling or buying sustainable coffee. You can mine BitGreen through a low energy “Proof of stake” algorithm from any computer without special software. In terms of energy consumption, BitGreen comes in at only .06% of Bitcoin’s current consumption.
5. Algorand (ALGO)
Algorand claims to have a carbon neutral blockchain and pledges to be carbon negative in the future. Requiring minimal computational power, Algorand emits less than 2 million times the CO2 compared to other blockchains. Algorand is also partnered with ClimateTrade and offsets the carbon footprint created by the blockchain to ensure carbon negativity.
Sustayn is designed to present the most useful recommendations for environmentally friendly approaches and items. We update links when possible, but note that links can be broken and pricing, where noted, can be subject to change.
13 comments
After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.
After I originally commented I clicked the -Notify me when new feedback are added- checkbox and now every time a comment is added I get 4 emails with the identical comment. Is there any manner you’ll be able to remove me from that service? Thanks!
Well I definitely liked studying it. This article offered by you is very constructive for proper planning.
Its excellent as your other content : D, thanks for posting.
Have you ever thought about creating an e-book or guest authoring on other websites? I have a blog based on the same information you discuss and would love to have you share some stories/information. I know my audience would enjoy your work. If you are even remotely interested, feel free to shoot me an e mail.
I haven’t checked in here for a while because I thought it was getting boring, but the last several posts are good quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂
I like what you guys are up too. Such smart work and reporting! Carry on the excellent works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my website :).
I am no longer sure the place you’re getting your information, however good topic. I needs to spend some time learning much more or working out more. Thank you for great info I used to be looking for this information for my mission.
Great write-up, I?¦m normal visitor of one?¦s website, maintain up the nice operate, and It’s going to be a regular visitor for a long time.
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
I precisely needed to thank you very much yet again. I am not sure the things that I might have gone through in the absence of those concepts provided by you relating to that subject matter. Completely was the frightening scenario in my circumstances, nevertheless witnessing a new specialised technique you treated it made me to weep over delight. I’m happier for your advice and as well , believe you know what a great job you were undertaking teaching many others by way of a site. I know that you have never got to know all of us.
We’re a group of volunteers and opening a new scheme in our community. Your web site offered us with valuable information to work on. You’ve done a formidable job and our entire community will be grateful to you.
You have brought up a very good points, thankyou for the post.