A new study can today reveal the most eco-friendly cryptocurrencies based on Co2 emissions and electricity consumption and tips on how to reduce your crypto carbon footprint.
Experts from Crypto Traders conducted an analysis that looked at the annual electricity consumption, energy consumption per transaction, and Co2 emissions of cryptocurrencies to reveal the most durable parts. They then discovered which of these eco-friendly coins performed best in 2021 in terms of market capitalization.
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The greenest cryptocurrencies
The The greenest coin according to electricity consumption is Cardano, which consumes only 48,851 kilowatt hours per year. While crypto giants Bitcoin and Ethereum use enough electricity to power a small country through their proof-of-work protocol, Cardano uses a proof-of-stake mechanism, making mining less competitive and more energy efficient. energy.
The 10 best parts with the lowest CO2 emissions
Take first place for the cryptocurrency with the lowest Co2 emissions is Fantom, with only 7 tons produced annually. Thanks to its lightning-fast transaction times and energy-efficient software, Fantom’s carbon emissions are negligible compared to crypto giant Bitcoin’s annual 114 megatons.
- The most popular ecological crypto is Cardano. Cardano operates primarily as a digital currency through its ADA token and had a market capitalization of £29,013,619,221 in 2021. The Cardano blockchain, like many other eco-friendly cryptocurrencies, operates on a proof-of-stake mechanism, a greener alternative to the power-hungry proof-of-work protocols used by Bitcoin and Ethereum.
- Polkadot ranked second among the most popular green coins, with a market capitalization of $29,845,818,892. RIPPLE came thirdwith a market capitalization of $25,006,533,342 Last year.
- Algorand turned out to have the second lowest power consumptionusing only 70,237 kilowatt hours per year, while Avalanche takes third place.
- IOTA is the most energy-efficient cryptocurrency per transaction through its innovative distributed ledger technology known as Tangle. IOTA is followed by MetaHash and Tezos is second and third.
Tips for reducing your crypto carbon footprint
The team at Crypto Traders provided some tips for reducing your crypto carbon footprint:
- Invest in blockchain companies that focus on clean energy goals. The blockchain company Effort, for example, invests in energy efficiency projects, tokenizes the energy saved in the form of the cryptocurrency WOZX and distributes a share of these tokens to investors.
- Invest in cryptocurrencies that use proof-of-stake protocols. Proof of Stake uses much less computing power than other protocols because there are fewer participants in the network, which means less energy is used and less e-waste is generated to validate transactions.
- You can also reduce their carbon footprint by putting their money in carbon offset tokens. Connecting carbon offsetting to cryptocurrency tokens means you can buy carbon credits from companies to fund carbon recovery projects. These offsets for cryptocurrencies could drive up demand and prices, which means more money for investors and carbon reduction initiatives.