Despite being virtual, cryptocurrencies are having massive impacts on the real-word. Every year, Bitcoin mining consumes more energy than entire countries like Sweden or Malaysia. The “complex algorithms” required for the cryptocurrency to work consume an exorbitant amount of electricity. It also uses non-renewable energies like coal.
The good news is, you can join the crypto-craze without contributing to the crazy pollution. Here are five green cryptocurrencies you should know about before investing.
Unlike Bitcoin, Cardano doesn’t require massive amounts of energy to be mined. Every year, Cardano uses the same amount of energy as 600 U.S. homes. That’s quite a jump down from consuming the same amount of energy as Sweden. It also doesn’t need upgrades that other cryptocurrencies do to work well. To make matters even better, Cardano is engineered to grow and be robust while getting bigger. Some are saying it could replace Etheirium in the future provided it starts offering smart contracts, which it will – soon.
The current price for Cardano is $1.20 USD.
We can’t talk about eco-friendly crypto without mentioning Nano. Every transaction uses just 0.000112 kWh of energy, which is a fraction of what some other cryptos require. There is no mining, printing, or minting involved in Nano and transactions are instant and free. Bitcoin charges around $7 per transaction. You can also buy Nano in several different currencies, including a few cryptocurrencies.
The current price for Nano is $2.36.
What’s interesting about SolarCoin is that it rewards real-life sustainable activities. When a customer proves they’ve generated a megawatt-hour from solar technology, they create a SolarCoin. All users need to do is provide and upload documentation to prove they’ve generated that energy. SolarCoin says, “Claimants can save, exchange, or spend SolarCoins as they wish, and may receive ongoing grants over the next 20-30 years they generate energy.”
The current price for SolarCoin is $0.00436.
In 2017, BitGreen was founded in response to how environmentally damaging Bitcoin is. Eco-friendly activities like carpooling via a ride-hailing app, volunteering, or evening purchasing sustainable coffee are all rewarded with BITG. Green crypto is low energy and community-driven.
The current price for BitGreen is $0.06294.
DEVVIO uses a millionth of the energy Bitcoin does and emits significantly fewer greenhouse gases. It was designed to be a green cryptocurrency and reduce the amount of energy used for cryptocurrency. With DEVVIO, you can “authenticate green certifications, enable markets for carbon credits, and facilitate financing for sustainability projects.” Using DEVVIO also builds trust and supports stakeholders working within the environment and sustainability-focused industries.
The current price for DEVVIO is $2.11.
Unlike the spontaneous rising and falling values of cryptocurrencies, our environment is consistently and rapidly deteriorating. There’s no denying Bitcoin is huge, but does the potential for financial success outweigh the vast amounts of energy it’s consuming? We don’t think so.
For more information about how to get started investing in cryptocurrency, check out this article.
- New Cryptocurrency Claims to be Eco-Friendly
- 6 NFT’s for Good Causes
- NFTs Draw Climate Criticism
- Bitcoin is All The Rage But It is Terrible for the Planet
- Bill Gates Speaks Out About Bitcoin’s Environmental Impact
For more Animal, Earth, Life, Vegan Food, Health, and Recipe content published daily, subscribe to the One Green Planet Newsletter! Lastly, being publicly funded gives us a greater chance to continue providing you with high-quality content. Please consider supporting us by donating!