The best eco-friendly cryptocurrencies to buy and save the planet
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For all its growth in recent years, the crypto market has also had a huge environmental impact. Liquidity mining in most blockchain networks is highly power-intensive, and as such, the major blockchains in the world have often been associated with massive carbon footprints. Here are some shocking statistics.
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According to the Bitcoin Electricity Consumption Index, liquidity mining on the Bitcoin chain uses more energy per year than in Sweden.
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It is also believed that most mining is done in China, a country whose energy systems are highly carbonised.
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There is growing pressure for blockchains to start thinking about a greener, more energy-efficient future.
Despite this, there are a few coins that are not only environmentally sustainable but also offer enough upside for an investor to make some decent returns. Here are some of them:
IOTA (MIOTA)
IOTA (MIOTA) is a distributed digital ledger that is actually not based on the blockchain system. Instead, the platform uses something called a Tangle, a proprietary technology system that validates transactions the same way a blockchain would.
Data Source: Tradingview.com
IOTA, therefore, does not require miners and it only needs smaller devices to operate efficiently. This makes it less energy-intensive. MIOTA, the native token for the platform was trading at $1.2 at press time.
Bitcoin Green (BITG)
Bitcoin Green (BITG) is a community-driven blockchain initiative designed to address some of the environmental impacts of Bitcoin. The aim is to find a better alternative to the energy-intensive proof of work consensus on the Bitcoin chain.
The project was founded in 2017 with the hope of incentivising a greener shift by Bitcoin miners around the world. BITG, its native token was trading at $0.04787 at press time. The coin also has a very small market cap of around $550,000. There is still some potential here, especially now that calls for greener crypto are growing louder.
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