Eco-friendly Cryptocurrency

Is cryptocurrency mining THE way to rid the world of waste? Wrong!

How to mine Bitcoin without damaging the environment

How do cryptocurrencies harm the environment?

E-waste

E-waste refers to electronic gadgets that are discarded and put into waste. This kind of waste contains toxic chemicals that seep into underground waters and poison them. Mining cryptocurrencies reduces the life of computer chips to 1.19 years. This means miners have to change their entire equipment every year or so. With the number of bitcoins mined every year, the amount of e-waste is skyrocketing.

Electricity

Another issue with mining bitcoin and most of the other cryptocurrencies is the electricity they use. In order to generate or mine cryptocurrencies, a large number of computers have to work day and night. If the process is disconnected even for a minute, it will all have to start over again. Therefore, it is essential to run the computers 24/7 for long periods.

Social injustice

40% of all the bitcoin in the world belongs to 1000 people. These people certainly do not mine the bitcoin in their backyards. The process is usually done in developing countries where space and electricity are much less expensive. For instance, the price of electricity in Germany is ten times more than it is in China, Kazakhstan, and Iran.

What’s the solution?

Telling which cryptocurrencies would be greener if they reached the volume and scale of bitcoin is very hard. Right now, there are a couple of candidates that seem to be more sustainable and cause less harm to the planet and the people. But who’s to say they will stay the same when they’ve reached about 50,000 dollars.

Hedera Hashgraph

Hedera Hashgraph calls itself the third generation of cryptocurrencies. This means that Hedera does not take as much energy and bandwidth to be securely transacted. The transaction completion for bitcoin is about 10 to 60 minutes. For Hedera, however, this time has reached 3 to 5 seconds. What’s more, each bitcoin transaction takes more than 880 Kilowatt-hours of energy. On the other hand, Hedera takes only 0.00017 kilowatt-hours of power to be transacted.

Tezos (XTZ)

Tezos has a considerable benefit over Bitcoin and Ethereum; that is, this currency is able to evolve with new waves of technology. This ability is called Self-amendment, and it enables Tezos to upgrade itself without having to “fork” or “split.” This is something that has caused enormous problems for the two of the best currencies in the market, Bitcoin and Ethereum.

Nano

The distinguishing feature of Nano is that it does not require mining, printing, or minting. This makes Nano more eco-friendly than the other currencies available these days. What’s more, transacting Nano crypto does not need any fees, and it’s quick and easy. This makes Nano available to everybody. The energy consumption for Nano is so low that it can be done on home computers without any special equipment.

Final thoughts

Cryptocurrencies can be a volatile and risky investment. However, it is an investment necessary for the future of the world. This is a wave that cannot be ignored anymore, and the question is which currencies to invest in.

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Nadav Gover

Enthusiast, with Futuristic Mindset and Experienced in Online Marketing, Consulting, Real Estate, Online Entrepreneurship and many more.