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Why Green Cryptocurrencies Are on the Rise (2022)

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It’s no secret that cryptocurrencies use a lot of energy. Some people don’t care and build massive data centres to “mine” crypto. They’ll move them all around the world to avoid tax and regulation, too.

However, other cryptocurrency enthusiasts don’t agree with the state of the game. They want to put crypto at the front of the sustainable revolution that we need to avert the world from running headfirst into climate crisis. 

With Bitcoin needing the power of a modest-sized NZ house per transaction – you can see why some people are worried. 

Yes, you can deposit with crypto at New Zealand online casinos. But hopefully, you’ll soon be able to use less energy-intensive options too. 

Or why not try a good old card transaction at a $2 deposit casino nz ? Debit or credit cards use thousands of times less energy than crypto. 

So, why is that?

 

Why do Cryptocurrencies Use So Much Energy?

 

If you aren’t already familiar, cryptocurrencies use a decentralised system called a blockchain. 

This means instead of a bank handling the movement of money between people, transactions logs are spread across the entire system. 

In order for this to work, computers that log each individual transaction are incentivised with free crypto for each one. This is what is known as Crypto Mining.

In the early days, anyone with a decent computer could mine Bitcoin and other cryptos. 

Today, though, there are so many millions of transactions on the market. That means you need an incredibly speedy and powerful setup if you’re going to be the first to log any transaction and successfully mine any crypto.

On the other hand, the potential incomes if you are a full-time miner are huge. Around the world, businesses have built massive data centres – running 24/7 – just to mine cryptocurrencies. 

That kind of goes against the decentralised ethos of the whole project, right? Not that many people seem to focus on the lofty ideals when there’s this much money involved.

But of course – some people are taking notice. 

Green Cryptocurrencies – Some Examples

Chia

 

Chia is a cryptocurrency that is mined (mostly) offline. You install the Chia mining program, and it then takes unused space on your hard drives and mines crypto with it.

Once a transaction is complete, it returns to the blockchain. This means Chia miners don’t need to be constantly connected and actively competing with other users, and it can be mined at home with dramatically less electricity usage. 

Some people have complained however that this process quickly fills up your hard drives and can create e-waste. 

Cardano

 

Cardano is a regular in the top 10 cryptocurrencies by market volume and value. 

Although it’s not clean by a long stretch, Cardano was developed specifically to address some of the sustainability and environmental concerns around Bitcoin and Ethereum. 

It is faster and more efficient than Bitcoin – according to its developers. Cardano uses a proof of stake system, meaning all computers that are used for mining must also be involved in a recent transaction. 

This discourages super-miners and large data centres from mining Cardano, as it adds a massive extra cost. It then puts the onus back on smaller scale Cardano owners, that use way less juice. 

Still, Cardano uses 0.5479 kilowatts per hour – which is far from the lowest out there.

Solarcoin

 

Solarcoin is a real environmentally friendly concept. They literally pay people who build solar power, with crypto. 

Simply attached Solarcoins simple computer to your solar power system, and you’ll be rewarded with free Solarcoins for every Megawatt hour of power your system generates. 

Profit, and environmentally friendly. Could this be the way forward for crypto across the world?

 

 

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