Green Cryptocurrencies Are a Better Option Than Bitcoin Due to Their Low Energy Consumption.
The energy consumption that Bitcoin produces leaves too many questions about the environmental responsibility behind this electronic medium of exchange. Photo: Unsplash
LatinAmerican Post | Brandon Martínez Salazar
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Lately cryptocurrencies have been in the eye of the hurricane as the energy consumption produced by Bitcoin leaves too many open questions about the environmental responsibility behind this electronic means of exchange.
The issue is so serious that according to the data it has been established that the bitcoin network exceeds the energy consumption of Argentina and experts predict that by the year 2022 it will surpass the total of energy generated by all existing solar panels on the planet.
However, this mining has been done incrementally in places where electricity turns out to be low cost and although some of those energies are renewable, it is not the same as saving on consumption. On the contrary, the amount of energy consumed is alarming since the scope of this consumption is unknown.
However, all is not lost, because luckily in the world there are other cryptocurrencies known as altcoins or green coins, which have less environmental impact than Bitcoin.
The advantage of these green cryptocurrencies is that they do not necessarily require mining to make their transactions effective. Therefore, this makes them independent of any resource that may create damage to the environment.
Nano transactions are not complex as their transfers are completely free and, therefore, the recipient receives the exact same thing without the need for stars or tricks. Therefore, the fact that the accounts are not depleted and that their transaction processes take a few seconds on a basic PC does not require higher power consumption and makes it more environmentally friendly than Bitcoin.
It should also be noted that the use of hard drives mitigates the level of electricity needed for their production.
This is an ecological cryptocurrency since it is more decentralized than bitcoin. Its mining system provides greater security to users, reduces energy consumption and facilitates access to everyone, making it a good alternative.
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This crypto is distributed more efficiently if it is analyzed from the energy side. It works within a context known as proof-of-stake distribution, which consists of randomly selecting blocks and thus distributing them among users, rather than being a reward for those who seek to extract large amounts of currency.
Created by Charles Hoskinson, Co-founder of Ethereum, this crypto allows participants to keep the ADA currency on the network and also receive rewards. In addition, the energy consumption is lower.