Elon Musk surprised cryptocurrency enthusiasts on Wednesday after tweeting that the car firm will suspend BTC payments because of the impact that mining the currency has on the environment. It was a thrilling moment in the market, given that Musk is an icon in the crypto space. Keep in mind that the electric vehicle company started accepting bitcoin payments in February.
You undoubtedly have second thoughts on your BTC investment after Elon’s announcement. Indeed, cryptocurrencies differ when it comes to the model needed to validate transactions and produce blocks. Here are some of the eco-friendly assets alternative to Bitcoin.
Nano (NANO)
Nano is among the options you have as far as eco-friendly cryptocurrencies are concerned. Keep in mind that the object has no printing, mining, or minting. Moreover, Nano utilizes a lightweight PoW that takes a few seconds to complete your transactions when using your PC.
You do not need top-class GPUs and heavy-weight mining rigs when dealing with this digital asset. For that reason, Nano remains a cleaner substitute for Ethereum and Bitcoin. NANO price has almost doubled since yesterday as investors contemplate Tesla’s declaration.
Also read:Chia
Chia is a newly-launched project by Bram Cohen, a BitTorrent inventor. Chia uses the Proof of space formula, which utilizes your PC’s storage space to establish cryptographic number plots and mine them while the network is running. If you are interested in a new coin that is less expensive to obtain, Chia does not necessitate using a high-end GPU for you to participate.
Cardano (ADA)
Like most cryptocurrencies, Cardano has flourished this year, reaching new highs yesterday (13th May), $1.96. At the moment, Cardano ranks 5th in the most valuable assets, according to a report by CoinMarketCap.
Cardan uses the PoS model, where traders receive rewards by holding the asset within the Cardano network. Hoskinson said that the whole network consumes 6 GWh of energy per year, a small fraction compared to BTC usage.
Polkadot (DOT)
Polkadot surged in 2021, increasing with a nearly 5 times increase in price. The currency is top ten as far as market capitalization is concerned for now. DOT uses the NPoS model that excludes energy-intensive mining in its processes.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.