Due to the intense energy consumption caused by mining, some cryptos such as Bitcoin have been criticized for their environmental damage. Therefore, a new industry has emerged, called eco-friendly cryptocurrency, to reduce its carbon footprint. In this article, let’s list which eco-friendly altcoins are currently available…
Which are the greenest altcoins on the market?
Algorand (ALGO) emerged in April 2021 claiming that its blockchain is completely carbon neutral. A link has also been created between this cryptocurrency and ClimateTrade, a group that helps businesses increase their sustainability reputation.
Holo (HOT)
Holo aims to give consumers access to their own Blockchain. Each “middleman” or “host” is an independent storage site and Blockchain that receives virtual cryptos as payment. Holo is rapidly gaining popularity, largely thanks to its ability to activate anyone who is the web’s browser and has an interest in cryptocurrencies.
Ethereum (ETH)
Ethereum is another of the eco-friendly cryptocurrencies to watch out for. The “Proof of Work” (Po) mechanism, which relies on energy-intensive “mining” to protect the network, was Ethereum’s longest-running mechanism. However, Ethereum has moved to a “Proof-of-Stake” (PoS) consensus process that consumes much less energy.
Left (LEFT)
One of the few cryptocurrency projects aimed at improving the services provided by the Ethereum network is called Solana. Similar to Ethereum, Solana is a Blockchain that supports smart contracts and acts as a platform for NFT and decentralized program (dApp) developers. However, Solana is much more scalable due to the different consensus mechanism.
Nano (NANO)
Mining is not required for Nano to verify transactions. Instead, people who use the software on their personal computers act as separate but connected blocks. Nano consumes some of the energy of a network with a PoW mechanism like Bitcoin.
How much energy does Bitcoin consume?
Bitcoin mining is quite high in energy consumption as it requires a high level of computational power for transaction verification. However, many variables must be taken into account to give an exact figure.
According to data from many different sources, mining BTC consumes around 70-100 TWh (terawatt-hours) of energy per year. This corresponds to about 0.3% of global energy consumption.
However, the accuracy and timeliness of these figures is questionable. Some sources overestimate the amount of energy consumed for Bitcoin mining, while others estimate lower. Also, energy consumption depends on the type of equipment used for Bitcoin mining, the electricity sources used, the location of the mining activity, and many other factors.
PoS altcoins are at the forefront
As a result, while it is difficult to give an exact number about the amount of energy spent mining Bitcoin, it is known that this activity is highly energy-intensive and often powered by energy sources based on fossil fuels. This is why it causes controversy as an environmentally sustainable network, as we quoted as Kriptokoin.com.
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