Crypto’s rise to the mainstream has not been without its criticisms. Detractors of cryptocurrency will often cite its negative impacts on the environment. According to the Cambridge Bitcoin Electricity Consumption Index, mining bitcoin uses an estimated 85 Tera-watt hours (TWh) of electricity, an amount which is enough to boil water for all cups of tea consumed in the UK for 30 years. Mining crypto uses high-powered computers, massive amounts of electricity, and non-renewable energy sources like coal.
Eco-friendly cryptocurrencies have popped up to address these concerns about the industry. These coins either leave a lower carbon footprint or give back to the environment in some way.
Positive Changes with Cardano
Cardano uses a proof-of-stake system called Ouroboros to conduct transactions, meaning users have to purchase tokens before joining the network. This saves a considerable amount of energy.
Cardano is a blockchain platform that connects changemakers and visionaries to bring about positive global change. Created by Ethereum co-founder Charles Hoskinson in 2017, it is one of the bigger blockchains to successfully use a proof-of-stake system. Cardano is the seventh largest cryptocurrency, according to CoinMarketCap, and has a market cap of almost $12 million.
Planting Seeds with Chia
Digital money Chia uses a ‘Proof of Space and Time’ (PoST) mechanism as opposed to a ‘Proof of Work’ (PoW) mechanism (used by Bitcoin) or a ‘Proof of Stake’ (PoS) mechanism (used by Ethereum). PoST doesn’t rely on guzzling large amounts of energy to mine the token; instead, miners need to have a certain amount of unused disk space to store the ‘plot’ of the blockchain. Chia was created by BitTorrent founder Bram Cohen. It has its own programming language called Chialisp and has a market cap of about $260 million.
Saving the Fish with Big Eyes Coin
Here we have a kitty meme coin that’s environmentally conscious. Big Eyes Coin is new to the crypto scene and is still in its pre-sale phase, but it’s already attracted a large and devoted following. One reason for this is its commitment to social responsibility. 5% of all BIG tokens are kept in a transparent charity wallet, and these will be donated to various charities dedicated to protecting the world’s oceans and marine life.
Big Eyes Coin uses a ‘Proof of Stake’ mechanism, which leaves behind a lower footprint than the ‘Proof of Work’ mechanism. As a bonus, it also offers loot boxes! Use the vault pin 300 after a purchase over $100 to get three free loot boxes!
Sustainable alternatives to traditional cryptocurrencies have a better chance of being accepted by the populace. Environmentalists who have criticised Bitcoin for significantly contributing to greenhouse gas emissions should look into these eco-friendly substitutes. Not only do these coins use environmentally-friendly mechanisms to conduct transactions, but they also donate to charitable causes. The Crypto Climate Accord, created in 2021, seeks to decarbonise the crypto industry and support its transition to net-zero greenhouse gas emissions by 2040.
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