Step Aside Bitcoin: It’s Time For Green CryptocurrenciesAugust 2, 2018
The most popular cryptocurrency in the community, Bitcoin, consumes way too much energy. Users say that if Bitcoin’s community was a country, they would rank among 30th most power-consuming on a global level, reaching levels similar to Austria.
Bitcoin isn’t just growing in popularity, but it’s also increasing in energy consumed; growing at a rate of 20% per month. By the end of the next year (2019), it could consume an amount of energy similar to the one produced by every solar panels on the planet.
Green-minded members from the cryptocurrency community saw this as an opportunity to launch competing cryptocurrencies with the objective to fight the quantity of energy consumed by cryptocurrency miners that use proof-of-work.
Green cryptocurrencies entering the market
From many entrants, the most popular are EnergyCoin and SolarCoin, designed with the intention promoting the creation of more solar farms.
Many of these green cryptocurrencies use different methods for coin mining, involving computation less demanding methods. By now, Bitcoin Green seems to top this species of crypto coins, created when Bitcoin’s energy consumed became an exponential problematic in the future. Bitcoin Green even called its older brother Bitcoin as a threat to Earth in their launch video posted on Twitter.
It’s not what it looks like
Many users stated that people see Bitcoin as a monster when it isn’t half as bad as they think. The greatest cryptocurrency mining farms are now utilising carbon-free energy; birthing a big demand for more renewable energy.
Users who find the cheapest energy on any corner of the planet will get the most out of Bitcoin’s protocol, being provided with a $200,000 reward every ten minutes from mining BTC. If electricity and cooling costs are low enough, the probabilities of having a warehouse with a good number of mining machines in that territory are significant.
But why? It is better to mine in countries with low costs for services like Venezuela than mining in regions where they use enormous hydropower facilities like in Canada and China.
Facing these vast energy-consuming problems, many came out with ideas like renewable energy, which doesn’t equate to saving energy. But, regardless of it, and without exactly knowing how much, Bitcoin is currently making use of a notable piece of the world’s least costly renewable energy.
Bitcoin Green, a new opportunity
But with Bitcoin Green, things are different.
First off, it is an attempt launched partially as a way to respond to the high environmental toll of cryptocurrencies. Bitcoin Green also seeks to open the doors to a better coin in terms of energy efficiency that can scale faster and cheaper than Bitcoin. Bitcoin Green is, basically what Bitcoin would be if it were planned from zero to fulfil the dreams of their supporters and investors of having the world’s universal token.