Green energy and its mass adoption are gaining popularity as extreme weather events like heat wave waves, severe droughts, storms, and other natural disasters become more frequent. The debate over whether cryptocurrencies have a net good or bad impact on the environment continues to be contentious.
According to the Cambridge Bitcoin Electricity Consumption Index, the amount of electricity used by bitcoin mining annually could heat enough water to make all the cups of tea brewed in the UK for 30 years. Due to their lack of environmental credentials, cryptocurrencies like bitcoin and ethereum are one of the primary subjects of worry.
To resolve this issue, crypto developers have created energy-efficient cryptocurrency projects to enable the crypto industry to reduce its energy consumption drastically. This article lists and discusses the best energy-efficient cryptos in the market.
Overview of the Top Energy Efficient Cryptos
There are dozens of crypto projects claiming energy efficiency on the market today. Here is a list of the best and, most importantly, confirmed energy-efficient cryptos.
- Impt.io (IMPT) — Sustainable and Transparent Blockchain for Carbon Offset
- Tamadoge (TAMA) – Evolutional and Energy-efficient Meme Coin
- Algorand (ALGO) — Innovative Carbon-negative Blockchain
- Solana (SOL) — Sustainable Blockchain With Minimal Carbon Footprint
- Solarcoin (SLR) — Number One Solar-based Crypto Project
- Hedera Hashgraph (HBAR) — Rising Low-energy Blockchain
- Chia (XCH) — One Of The Greenest Upcoming Crypto Project In The Blockchain Sector
- Bitgreen (BITG) — Green Crypto Focused On Making Positive Environmental Impact
Deep Insight Into The Best Energy Efficient Cryptos 2022
Take a deeper look at these eight green cryptocurrencies focused on ecological sustainability.
Impt.io (IMPT) — Sustainable and Transparent Blockchain for Carbon Offset
IMPT token is the newest ecologically-friendly crypto token focused on reducing the world’s carbon footprint. It addresses environmental challenges by empowering users to buy, sell, or retire carbon credits.
The platform will allow users to mint their carbon credits into non-fungible tokens (NFTs), which can be converted to IMPT tokens. It also makes it impossible to reuse retired carbon credits using its protocol which permanently burns and removes retired NFTs from the ecosystem.
With its beginning on October 1st, 2022, the Impt project already promises to be an effective one. There are many potential investors lined up to become a part of the proposed ecosystem which comprises other socially responsible individuals and brands with the same goal—to reduce carbon footprint.
Tamadoge (TAMA) – Evolutional and Energy-efficient Meme Coin
The most popular play-to-earn meme coin at the moment is Tamadoge. Users of this immersive metaverse gaming platform can own, mint, breed, compete with, and trade distinct doge pets.
Tamadoge collectibles or NFTs are highly sought-after tokens that users may own for a variety of uses. Every NFT is different, and the worth of the pet depends on factors like its rarity or the grade of the doge pets employed in its breeding. The introduction of extremely rare doge pets that the Tamadoge platform has planned for this October will test the limits of rarity.
The fast selling of its tokens in a presale that garnered $19 million is evidence that Tamadoge has won the hearts of many investors. Its popularity is due to the project’s strong brand and active promotion by the team and the surrounding community. To ensure the sustainability of the project, the development team has put energy-efficient mechanisms in place.
Interestingly, TAMA is now available on OKX, and for those who prefer decentralized exchanges, it’s available for purchase on OKX Dex. According to the latest info, more listings are expected for TAMA in the coming days. Do well to be a part of this amazing project!
Algorand (ALGO) — Innovative Carbon-Negative Blockchain
Professor Silvio Micali of MIT invented the blockchain called Algorand, which supports smart contracts. Micali, who received the Turing Award in 2012, has ensured that the Algorand network uses sustainable technologies. In April 2021, Algorand stated that their blockchain was entirely carbon-neutral. Additionally, this cryptocurrency has cultivated a relationship with ClimateTrade, a group whose goal is to assist businesses in raising their sustainability rankings.
Because Algorand employs a unique “Pure Proof-of-Stake” (PPoS) consensus process, each network transaction only emits 0.0000004 kg CO2. As a result, Algorand’s yearly energy needs are comparable to those of just seven typical nuclear American families. Additionally, Algorand’s team uses smart contracts to purchase carbon credits to offset the network’s carbon footprint actively. Algorand is now carbon negative on a net basis due to this procedure, making it one of the greenest cryptocurrencies on this list.
Solana (SOL) — Sustainable Blockchain With Minimal Carbon Footprint
The Solana network can supposedly handle 65,000 TPS, with each transaction costing less than a cent because of this algorithm, which combines Proof-of-Stake and “Proof-of-History.” Since Solana only requires 3,290 Joules of power for every transaction, it may also be regarded as an environmentally friendly cryptocurrency. This is less than four Google searches, to put it in context.
Due to its scalability and durability, many think Solana has the most potential of any cryptocurrency. The agreement between Solana and Watershed Climate, which allows Solana to offset its emissions by paying for refrigerant degradation, further supports the latter premise. Through this procedure, the Solana network has achieved carbon neutrality, and its creators intend to do so in the long run.
SolarCoin (SLR) — Number One Solar-based Crypto Project
SolarCoin, established in 2014, aims to be 50 times more carbon-efficient than bitcoin. These tokens are distributed to participating solar power system owners depending on how much electricity they produce rather than how much energy they need for mining, unlike energy-hungry bitcoin mining.
SolarCoin’s goal is to “accelerate the global energy transition to a low-carbon energy source and the absorption of solar energy. For the next 40 years, Solarcoin will serve as a free global incentive for solar energy use.
Hedera Hashgraph (HBAR) — Rising Low-Energy Blockchain
Hedera is among the few eco-sustainable altcoins that avoid blockchain technology in favor of a proprietary ‘hashgraph’ algorithm. Leemon Baird created this technique to store data in ‘hashes’ rather than blocks. As a result of this method, the Hedera network grows quicker as more people utilize it.
This means that Hedera is a potential option for the most significant Proof-of-Stake currencies since it is incredibly scalable while remaining environmentally friendly. The team at Hedera has made sustainability one of its fundamental beliefs, which is why they work with top social company Terrapass to buy carbon offsets every three months.
It’s interesting to note that Hedera’s group buys enough carbon offsets to guarantee the network is carbon-neutral. For example, in Q3 2022, the team acquired offsets for 17 tons of CO2 – the equivalent of driving 3.7 passenger vehicles for a whole year. Hedera hopes to become the most environmentally friendly cryptocurrency alternative to the blockchain by taking this strategy.
Chia (XCH)— One of the Greenest Upcoming Crypto Project In the Blockchain Sector
Chia blockchain is a platform for smart contracts that enables users to use free hard drive space to maintain a decentralized network. The Chia Network uses proof-of-space and time, as opposed to proof-of-work (like Bitcoin), so users may earn the Chia token XCH by storing a given quantity of data over a specified time.
Mainnet, Chia’s blockchain transaction platform, is accessible for direct download from their website. Chialisp, their newly created smart contract programming language, is also available. The cloud computing platform Amazon Web Services also allows for the mining of XCH, which has been dubbed the greenest cryptocurrency.
BitGreen (BITG) — Green Crypto focused on making Positive Environmental Impact
BitGreen, a cryptocurrency created in 2017 as an energy-saving alternative to Bitcoin, incorporates a low-energy Proof-of-Stake (PoS) algorithm into its proprietary protocol. Their emphasis on sustainability is achieved by promoting ecologically favorable decisions like that of SolarCoin. Users are rewarded for making actions that minimize their carbon footprints, such as utilizing bike share programs, volunteering, or supporting sustainable merchants and organizations.
In addition to their native currency, BitGreen Mobile is a mobile-first wallet where users can interact with partners to find ways to be more environmentally friendly and earn and spend BitGreen incentives. Financial incentives that can drive legislative change are BitGreen’s preferred type of industrial disruption. The project offers a mobile wallet software that allows users to trade in coins and earn coins for performing beneficial environmental acts.
There You Have It!
In summary, this article has given you an in-depth look at seven of the most energy-effective cryptos in the market. All except for IMPT tokens can be purchased on various global exchanges. As of October 1st, the IMPT project kickstarted the first phase of its presale at $0.06 per token and early signs are promisng!