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3 "green", environmentally friendly cryptocurrencies that are a very good alternative to Bitcoin

 


Why is bitcoin considered environmentally harmful?

Bitcoin has been using the proof-of-work consensus mechanism since its inception . The Bitcoin miners validate the transactions in the network. The Bitcoin mining process requires a lot of electricity. The entire Bitcoin network is now more energy-intensive than many countries.


Bitcoin

Due to the high energy consumption, Bitcoin has repeatedly come under criticism in recent years. In the past, most of the mining was done in China, where the generation of energy was primarily based on environmentally harmful coal-fired power plants. However, in recent years, the possibilities of generating electricity for mining have become much more efficient and sustainable.

Environmentally friendly cryptocurrencies should primarily function much more energy-efficiently. Greater efficiency means less energy is used in transactions on the networks. An efficient network is also more sustainable and therefore "greener" in the long term. 


Most "green" cryptocurrencies use modifications of the proof-of-stake consensus mechanism . This is considered to be much more efficient and modern than Proof-of-Work. The following cryptocurrencies use some form of proof-of-stake.


1. Cardano (ADA)

Cardano has long been considered the ideal blockchain for people who prefer “green” cryptocurrencies. The protocol offers the most important features of the Ethereum network - smart contracts, NFTs, DeFi protocols and other decentralized applications. But Ethereum only switched to Proof-of-Stake weeks ago.


Cardano News

Cardano is considered the most technically mature blockchain on the market and is very efficient. Many environmental organizations have praised Cardano for its sustainable operation in the past. Among the “green” cryptocurrencies mentioned, Cardano is probably the protocol that could most likely replace Ethereum at the top in the future.


2. Algorand (SOMETHING)

Algorand is a blockchain protocol that has been considered particularly environmentally friendly since its introduction. Its eco-friendly blockchain has been the main argument in the past to attract investors and new users. The Algorand blockchain continues to be considered the first carbon negative blockchain.


Algorand

In addition to its energy efficiency, Algorand is also actively doing something for the environment by investing part of its transaction fees in CO₂ credits. Smart contracts are also used to offset its CO₂ emissions. 


3. Tezos (XTZ)

Tezos is another of the "green" cryptocurrencies and impresses with its sustainability. It is a smart contract platform that does not require hard forks. Tezos uses a modification of Proof-of-Stake, the Liquid Proof-of-Stake. 

In 2021, Tezos partnered with the University of Cambridge to develop a decentralized carbon credit marketplace . This should support reforestation projects. Furthermore, Tezos continues to try to improve its energy efficiency in the future. 


Should you invest in these cryptocurrencies?

If the topic of sustainability and environmental friendliness is important to you, then you can definitely purchase these "green" cryptocurrencies. All of these projects are very likely to have an excellent future. Therefore, you can take the risk of buying these cryptocurrencies at cheap prices in the bear market right now.

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