15 Cryptocurrencies to Invest In Right Now That Are Environmentally Sustainable

Published on: 8 December 2021 07:40 AM
by KnowESG
Crypto currencies booming in market
Crypto currencies booming in market

A Brief Summary

Cryptocurrency might be known for its potential financial risk, but it's increasingly under fire for its environmental impact. Estimates place the annual energy consumption tied to crypto as being on par with a small country. 15 Environmentally-Friendly Crypto Options are all helping the industry forge a thoughtful path to sustainability. In April, Algorand declared its blockchain to be completely carbon-neutral. Chia puts a user's desktop to use by offering downloadable software that allows users to earn Chia tokens.

DEVVIO claims that it can process up to eight million transactions per second. IOTA doesn't rely on a chain, but instead uses a cryptography-based method of verification. Nano's process for confirming transactions skirts need for an entire chain, improving speed and efficiency.

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Although cryptocurrency is best known for its potential financial risk, it is now coming under fire for another less-than-pleasant aspect. Concerns about crypto's negative influence on the environment have been circulating in recent months. In a word, as bitcoin trading becomes more popular, so does electricity consumption as a result of it.

Estimating the energy used in cryptocurrency mining is a difficult undertaking, but it's generally believed to include the energy used to digitally mine crypto currencies and process trade transactions, as well as the energy used by the hardware devices that support these efforts. Estimates vary, but some observers believe that crypto's annual energy consumption is comparable to that of a small country.

15 Cryptocurrency Alternatives That Are Good For The Environment

Take a look at these cryptocurrencies if you want to invest in digital currency but want to do so in the most environmentally friendly way possible. They're all helping the industry construct a smart and speedy road to sustainability.

  1. Algorithm (ALGO) : Algorand announced in April that its blockchain is carbon-neutral. Climate Trade, an organization dedicated to helping businesses improve their environmental profiles, has partnered with this cryptocurrency.

  2. BitGreen (BITG) : Financial incentives that can drive legislative change are BitGreen's preferred method of industry disruption. It aims to introduce its much-anticipated new mobile impact wallet this fall. The software will allow users to track their ecologically friendly acts, such as taking public transportation, and would reward them financially for doing so.

  3. Cardano (ADA) : Cardano is a third-generation blockchain created by Charles Hoskinson, a co-founder of Ethereum. It's the first blockchain to employ many layers of computing. This cryptocurrency has recently come under fire for failing to garner the kind of traction that Hoskinson had hoped for, although it remains the world's fifth-largest cryptocurrency.

  4. Chia (XCH) : Chia, developed by BitTorrent's Bram Cohen, maybe mined using Amazon Web Services' cloud computing technology. It makes use of a user's desktop by providing downloadable software that allows them to earn Chia tokens by operating the decentralized platform on their computers.

  5. DEVVIO : The start-up is rumored to make its debut this summer. DEVVIO is a possible future 'green' option in the space. DEVVIO says that its blockchain network can solve challenges that no one else has, such as financial institution integration and efficiency. DEVVIO promises to be able to handle eight million transactions per second.

  6. Hedera Hashgraph (HBAR) : The popularity of Hedera Hashgraph is growing, with the number of trades lately surpassing Ethereum (ETH). The system relies on a note-comparing protocol that removes the need for progression through the full blockchain, making the technology underlying this cryptocurrency sophisticated. In late 2021, the company plans enhancements that will allow for sharding, which would fracture the network and, as a result, allow for an increase in the number of transactions without a significant energy cost.

  7. Holo (HOT) : Holo's goal is to give its users their own blockchains. Each "agent" or "host" acts as both a storage facility and a blockchain, earning holo tokens in the process. Holo is fast gaining in popularity, thanks to its ability to enable anyone interested in cryptocurrency who has been sitting on the sidelines to jump in and invest.

  8. IOTA (MIOTA) : IOTA is a cryptocurrency that does not use a blockchain. Instead, this crypto relies on a cryptography-based verification mechanism known as Directed Acyclic Graph (DAG). This makes it possible for transactions and verifications to keep up in real-time.

  9. MetaHash (MHC) : This decentralized, open-source cryptocurrency is based on Blockchain 4.0 and promises to have a transaction validation rate of fewer than three seconds.

  10. Nano (NANO) : Because this cryptocurrency does not rely on mining, its carbon footprint is already rather low. This is because Nano's transaction confirmation process avoids the need for a complete blockchain, increasing speed and efficiency while reducing energy usage.

  11. Ripple (XRP) : Ripple promotes itself as an "open-source, permissionless, and decentralized blockchain technology that can settle transactions in three to five seconds," rather than a currency.

  12. Signum (SIGNA) : Burstcoin's blockchain has been renamed Signum, with hopes to learn from Burstcoin's mistakes and rebuild wisely. Sustainable mining, decentralization, feature innovation, minimal fees, and widespread accessibility are among the goals for the rebirth.

  13. Solarcoin (SLR) : Solarcoin is based on real-time, in-real-life energy conservation: for every hour of power generated using solar technology, one new Solarcoin is created. Although solar power customers bear the burden of evidence, there is an automatic financial incentive to do so.

  14. Stellar Lumens (XLM) : Stellar Lumens is the cryptocurrency of Stellar, an open-source blockchain system that provides an alternative to traditional payment methods. Stellar excels at facilitating cross-currency transactions, which is becoming increasingly important as cryptocurrency trading becomes more mainstream.

  15. TRON (TRX) : On the TRON blockchain, which promises to decentralize the web, TRX is the most popular coin.