A Look at the 6 Most Eco-Friendly Cryptocurrencies in 2021

In this post, we compiled a list of top cryptos in 2021 trying to be as energy-efficient as possible.

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According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year – 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden.

This has led to a call for a more energy-friendly approach from both crypto and non-crypto enthusiasts.

In this post, we compiled a list of top cryptos in 2021 trying to be as energy-efficient as possible.

Here are 6 crypto projects that are energy conscious:

Algorand

Key takeaway: Carbon-negative and a partnership with ClimateTrade.

  • Algorand blockchain is secure, and this security is achieved via the Pure Proof-of-Stake protocol, its innovation
  • The Pure PoS not only allows for high transaction speeds, but it also secures (yet again with the security) sustainable energy consumption which limits the environmental impact
  • Algorand has partnered up with ClimateTrade, a company that provides emissions offsetting services. It also announced the blockchain is going carbon-negative
  • ALGO can be accepted as payment or donation by environmentally-conscious merchants, most of all

Nano Coin

Key takeaway: 100% energy-efficient (block-lattice system) and fee-less.

  • Nano project aims to ‘make money efficient for a more equal world – simple to pay with, easy to accept, and open to all.’ Nano is fee-less and fast
  • The team behind Nano coin has created a 100% energy-efficient system based on the block-lattice they’ve developed.
  • The Nano tech has removed the staking, hence a lot less energy consumed. Also, there is no mining in Nano, so no energy is wasted
  • Nano tirelessly works on maximizing the efficiency and global reach of digital money worldwide
  • Nano can be accepted as payment or donation

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SEE ALSOThe Whive Network, Africa’s First Blockchain Protocol for Energy and Sustainable Engineering, Launches

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Hedera Hashgraph

Key takeaway: an innovative alternative to PoW consensus, less electricity but higher throughput

  • The Hedera network is based on the innovative hashgraph consensus developed by Dr. Leemon Baird which constitutes a more efficient alternative to proof-of-work consensus found on the most ubiquitous public blockchains
  • Hedera Hashgraph demonstrates its absolute superiority to proof-of-work blockchain platforms in terms of sustainability
  • Hedera Hashgraph uses much less electricity per transaction than Bitcoin or Ethereum but manages to maintain a throughput which is exponentially higher
  • HBAR can be accepted as payment or donation

Elrond Network

Key Takeaway: 6.24 million times more efficient than BTC

  • Elrond (EGLD) can process 15,000 transactions per second. At the same time, the network consumes less electricity than PoW currencies
  • Elrond implements a Secure Proof-of-Stake protocol that leverages both high throughput and sustainability
  • Elrond is 6.24 million times more efficient than Bitcoin
  • You can always accept EGLD payments or EGLD donations.

Cardano

Key takeaway: ADA cannot be mined and it is reportedly 37, 500 times more energy-efficient than BTC

  • Cardano is also considered to be one of the most environmentally sustainable blockchains
  • The founder of Cardano once said, the network uses only 6 GWh of power, hence it is a ‘balanced and sustainable ecosystem.’
  • This analysis puts Cardano at 37,500 times more energy-efficient than Bitcoin
  • ADA is also considered the third in terms of being least ‘energy-hungry’
  • ADA cannot be mined, it is only staked (right now 72% is staked), hence the miniscule energy use
  • Cardano can be accepted as payment or donation

Harmony Blockchain

Key takeaway: PoS, fast, cheap.

  • Harmony blockchain boasts very fast speeds and low fees
  • Harmony is based on a Proof-of-Stake protocol which allows it to keep its energy consumption rate at a low level
  • Harmony ONE coin can be a payment option as well used to accept donations

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RECOMMENDED READING:  Making ETH a Deflationary Currency with the Upcoming Ethereum ‘London Hard Fork’

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