Although we assume cryptocurrency for its significant monetary risks, it is now been criticised for another less-than-pleasant aspect. Concerns about crypto’s harmful influence on the environment have been circulating in recent months. In a nutshell, as bitcoin trading grows more popular, so does electricity consumption as a result of it. Take a look at these energy efficient cryptocurrencies if you want to invest in digital money but want to do it in the most environmentally friendly way possible. They’re all helping the industry construct a smart and speedy road to sustainability.
Hedera Hashgraph (HBAR)
Hedera Hashgraph, a decentralized public network used mostly for in-app payments and micropayments, is among the world’s largest cryptocurrency networks. Its proof-of-stake open network is powered by Hashgraph consensus and has exceptionally low bandwidth usage, among other things, with HBAR as its primary, energy-efficient cryptocurrency. The Hedera Governing Council, comprised of up to 39 corporations and organizations with a limited term, is also in charge.
Stellar is one of the BEST energy-efficient cryptocurrencies that you must trade as it is supported by one of the most valuable technologies attempting to offer a more cost-effective way to reach payments between countries. Stellar intends to remain a non-profit corporation, with no fees for international or domestic transactions, which is extremely outstanding. The transactions carried out via the Stellar blockchain using “Lumens” are almost free, and they consume very little energy.
Ripple, often known as XRP, is one of the most valuable currencies on the crypto market that follows energy efficient cryptocurrency trading means. Furthermore, Ripple offers consumers a fantastic way to conduct transactions in seconds. Ripple’s RPCA technology allows it to carry out over 1500 transactions per second while using a remarkably minimal amount of energy.
When evaluated by academic scholars, Cardano was the first peer-reviewed blockchain. It was created by Charles Hoskinson, the co-founder of Ethereum. It is mostly used as digital money, but it may also be used for digital contracts, decentralised applications, and other uses. Cardano can process 1000 transactions per second, compared to Bitcoin’s 7 transactions per second. Cardano is fundamentally more energy efficient than Bitcoin because it employs a ‘Proof of Stake consensus method in which users purchase tokens to connect to a network. This saves a stunning amount of energy, according to Cardano’s founder, who claims that the cryptocurrency network uses just 6 GWh of electricity.
SolarCoin was launched in 2014 with the goal of becoming a 50 times more energy efficient cryptocurrency than bitcoin. Solar represents the point at which the price of 1 SLR matches the bid price for 1MWh of solar PV (photovoltaic) generation. Like bitcoin mining, which consumes a lot of energy, Solarcoins are distributed to owners of solar power systems depending on how much electricity they create instead of how much energy they spend through mining. The SolarCoin Foundation receives information on energy generation from the respective owners’ systems via a monitoring system.
TRON is a non-profit corporation based in Singapore that supports a wide range of programming languages. The peer-to-peer technology enables producers to exchange apps directly on the blockchain, reducing energy consumption more efficiently. TRON is governed by a two-tier paradigm of Super Representatives (SR) and Super Representative Partners for every account that are eligible to vote for SRs.
EOS, or EOSIO, is a public blockchain similar to our crypto-currency Tron, which allow developers to construct their unique applications using only several programming languages. EOS has been one of the most lucrative currencies on crypto exchanges, with a fair amount of volatility from time to time. EOSIO can also be referred to as a pre-mined currency that uses the proof of stake principle and has gained a lot of traction in the market. EOS is believed to be an incredible energy efficient cryptocurrency and an important environmentally friendly coin.
BitGreen, which was founded in 2017 as a low-energy Proof-of-Stake (PoS) alternative to Bitcoin, employs a low-energy Proof-of-Stake (PoS) algorithm as part of its patented protocol. Their commitment to sustainability is achieved through promoting environmentally sound decisions in a similar manner as SolarCoin. BitGreen Mobile is a mobile-first wallet where users can explore greener possibilities as well as connect with companies to earn and spend BitGreen incentives.
Nano is an energy-efficient cryptocurrency that is cheap, quick, and consumes less energy than Bitcoin and other cryptocurrencies. It’s been around since 2015 and still has a low carbon impact. The coin is scalable and light because it’s not reliant on mining. Nano makes use of energy-saving block-lattice technology. The block-lattice is indeed based on a Proof of Work technique, but it goes beyond blockchain to construct an account chain for each network user. The Nano platform employs an Open Representative Voting (ORV) mechanism, in which account holders select their preferred delegate, which then works to confirm blocks of transactions in a safe manner.
The Chia Network was founded in 2017 by Bram Cohen, the creator of BitTorrent. Chia is a blockchain and smart transaction platform that allows users to create a decentralized network on the existing hard drive space. Instead of using proof-of-work (like Bitcoin does), the Chia Network employs Proof of Space and Time. In other words, users can earn Chia’s currency XCH if they keep a particular amount of data over a set time period.
Silvio Micali, a 2012 Turing Award laureate and an MIT professor created Algorand in 2017. It is the first proof-of-stake blockchain-based cryptocurrency and the test network was launched in 2019. In reality, Algorand revealed on April 22, 2021, that their blockchain is carbon neutral. Not willing to stop on its (green) laurels, the network teamed up with ClimateTrade, a pioneer in CO2 emissions transparency and traceability, to create the world’s first carbon-negative blockchain.
IOTA, as an energy efficient cryptocurrency, has not been as price volatile as many other coins. While this is wonderful news for individuals hoping for more market stability and financial security, it has been frustrating for investors looking for the same returns as early Bitcoin or other altcoin purchases. Because IOTA employs Fast Probabilistic Consensus for consensus and only requires Proof of Work in part, the network’s overall energy usage is relatively low.
Burstcoin was likely the very first blockchain to incorporate Turing-complete smart contracts, enabling non-fungible tokens (NFTs) to be created and used in on-chain games. Because it has been employing ‘Proof of Capacity’ rather than ‘Proof of Work’ as of 2014, it is likely one of the most energy efficient cryptocurrency and sustainable techniques. Burstcoin rewards ‘miners’ for utilising storage capacity for ‘mining coins.’ A computer with a 1 terabyte hard drive will consume little more energy to mine Burst than a machine that is idle. This makes Burstcoin much more efficient than GPU mining using the Proof of Work method.