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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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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