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Three energy efficient cryptos

by , 30 March 2022
Three energy efficient cryptos
Bitcoin (and other cryptos) get a bad rep for their energy consumption.
But did you know bitcoin uses less than half the energy of the banking system and the gold industry?

That's right.

And what's even more encouraging is things are getting greener in the crypto world.

Renewable energy is a growing part of the energy mix for bitcoin. According to the Bitcoin Mining Council, renewables power 66% of the bitcoin network.

Whichever side of the coin you happen to find yourself, cryptos and the tech that underlies them can be eco-friendly.

Here's what I mean…


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Three “energy-efficient” cryptos…

#1: Powerledger (POWR)
The Powerledger platform facilitates peer-to-peer (P2P) energy trading.
You can think of it as a distributed, decentralised “operating system” that helps producers track, trace, and trade energy in real-time, making for more stable, resilient energy grids.

In fact, Powerledger partners with the Midwest Renewable Energy Tracking System (M-RETS) to facilitate the trading of Renewable Energy Certificates (RECs) across North America.

Because IOTA uses Fast Probabilistic Consensus for consensus and only relies on Proof of Work in part, the overall energy consumption of the network is very small.

A PhD student, Amir Abbaszadeh Sori, calculated the true energy consumption of IOTA and found that each transaction used just 0.11 Watt/hours.

Compared to more established financial networks such as VISA and Mastercard, this is very low. And of course, IOTA blows Bitcoin out of the water in terms of energy use.

IOTA is also working on new updates that would incorporate “Atomic Transactions”, which could reduce the transaction size from 1.7kb to less than 100 bytes.

In fact, last year, IOTA released figures outlining a possible 33-95% reduction in energy consumption associated with the upgrades.

#3: Hedera Hashgraph (HBAR)
Hedera Hashgraph is a decentralised public network used for in-app payments and micropayments.

Backed by major corporations such as Google, Boeing, Deutsche Telekom, LG and many more, Hedera is one of the world’s biggest cryptocurrency networks.

In collaboration with Power Transition – A platform that enables peer-2-peer energy trading and microgrid management, Hedera develops sustainability projects, which provide efficient energy to homes and apartments in the UK. It also reduces charging costs at EV charging stations by up to 50% by using Hedera Token Service.

According to the green website LeafScore, “Power Transition estimates that the Hedera Hashgraph platform is 250,000 times more energy efficient than Bitcoin, using just 0.001 kilowatt hours per transaction, compared to 250 kWh for Bitcoin (Digiconomist puts it at 950 kWh), 55 kWh for Ethereum, and 0.003 for Visa.”

Now I’ve only named three, but there are plenty of “energy-efficient” cryptos out there. And many are continuously upgrading to become more energy efficient. You just need to look beyond bitcoin!

If you are wondering if now is the right time to buy cryptos...

The answer is YES!

It's time to follow the smart money - because that's what institutional investors are already doing...  I wrote about this in last week's article

And the best way to play this situation is to focus on
the next generation of tiny coins that could  produce exceptional returns...

10X... 50X... 1,000X... bigger than Bitcoin over the same time period.

These coins could be about to skyrocket.

Three energy efficient cryptos
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