- Mining is a problem that can be hazardous for the environment.
- Green crypto mining reduces the adverse effects of the process.
To begin with, Crypto mining is a complex process which involves the generation of new coins and verification of transactions. The process requires lots of computational power, the kind that comes from big energy-guzzling machines. These machines require the burning of fossil fuels which are a big source of carbon dioxide emissions. These fossil fuels generate a large amount of carbon dioxide which affects the climate in a drastic way. Green crypto mining is a solution to this problem.
Green Crypto Mining: Environment-Friendly Mining
According to Forbes, “To unlock a single bitcoin, miners must feed their machines about 150,000 kwh, enough juice to power 170 average U.S. homes for a month.” Essentially, crypto mining consumes a lot of energy. Presently, most of it comes from non-renewable energy.
Green Crypto mining will help in this which involves the usage of renewable sources of energy including solar, wind, hydro among some of the viable options. Also, green energy becomes cost-efficient over time.
However, many researchers show that Green crypto mining is difficult to adopt, but if we choose to neglect it it will harm our environment in a way in which we can’t think of it. It will help us to generate a new coin without harming our environment.
Presently, there are 6 Green Cryptocurrencies, and more are in the making.
CryptoCurrencies That are Eco Friendly
Chia
Chia coins are a good example of a green crypto. It can be farmed on the hard drives of laptop or desktop computers.
IOTA
IOTA is an open-source ledger cryptocurrency. IOTA’s energy consumption is low as compared to other cryptocurrencies.
Cardano
Cardano was developed by Charles Hokinson, co-founder of Ethereum. IT uses a Proof of Stake mechanism which helps to save a staggering amount of energy.
Nano
Nano is fast and uses less energy than other bitcoins. It uses block lattice technology, which is energy efficient.
SolarCoin
Solarcoin is a global and decentralized coin. It promotes the creation of solar energy by rewarding generators with solar coins.
Bitgreen
This eco-friendly crypto was launched as a green alternative to bitcoin. It seeks to encourage positive environmental behavior by rewarding user actions including drinking sustainable coffee, car-pooling and volunteering.
Conclusion
The future is of cryptocurrency and digital assets. So, it is important to consider from every aspect that it does not affect our well-being or environment in any manner. Green Crypto Mining is a good achievement in order to make the mining process sustainable and it should be taken into consideration so that we can save our environment. However, it will take time to bring Green crypto mining into existence. But, it will ensure a healthy environment for us.
