There is no denying that in the past decade, cryptocurrencies have been quivering up the financial market. Recently, they have become one of the most valuable assets in most investors’ portfolios. However, environmental impact is one of the key problems that the crypto world is facing nowadays. Crypto enthusiasts like Tesla and SpaceX CEO Elon Musk are becoming increasingly aware of it. Elon Musk once shared in this tweet:
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021
Despite the growing concern over the ecological impact of cryptocurrencies, experts are predicting the steady rise of them over the coming months and years. This leads to the increasing number of investors looking for more environmentally sustainable cryptocurrencies.
If you are keen on contributing to the cryptoverse in the most eco-conscious way possible, here is a list of the top five most environmentally sustainable currencies:
Fantom is one of the most eco-friendly networks on the planet. In May 2021, the official Fantom account tweeted about an average of 500k tx/day. Fantom consumes just 0.00000301 kWh per transaction, which is 35 million times less energy consumed than Ethereum (ETH) and 300 million times less than Bitcoin (BTC).
Green Beli (GRBE)
Green Beli is the first eco-friendly GameFi project that embodies many of the traits that environmentally friendly crypto must possess. Green Beli stands out from the current GameFi because of its commitment to the environment. The project has recently announced the establishment of the Green Beli Environmental Protection Fund (GEPF) with a $400K initial commitment for green initiatives all over the world. With a small market capitalization of $3 million and growing to more than 12,500 holders, Green Beli is usually ranked top potential projects.
They have organized various eco-activities in the Philippines, Brazil, Nigeria and Vietnam. They are continuously working towards more environmental groups and activists in various countries including the Philippines, Brazil, Vietnam, Thailand, Indonesia, United States, India, Spain, Russia, Bangladesh, Iran, China, etc. to develop green initiatives sponsored by GEPF. Interestingly, Green Beli envisions building a green metaverse.
Created in 2020 by Ethereum co-founder Gavin Wood, Polkadot has signature technical features, external audits for its parachains, inter-blockchain fluidity and energy-efficient nature are some features that crypto investors are keen on. Lately, Ethereum has witnessed its value diminish, while Polkadot has increased by over 1,300 percent since its inception. Polkadot is proving to be one of the cutting-edge competitors for Ethereum.
Cardano is the one that claims to be “the most environmentally sustainable.” Its mining process consumes less energy compared to other crypto with the entire network using just 6 GWh of power annually. Moreover, in the Cardano Summit 2021, the Cardano Foundation announced a partnership with Veritree for an initial tree offering (ITO) with the goal to plant one million trees.
Tron is a unique peer-to-peer (P2P) platform and a public blockchain that allows users to share applications directly on its blockchain. The entire process of transferring apps on this P2P network consumes a very small amount of energy compared to most of the other currencies in the market.
Can crypto go green?
So far, so green. Although much remains to be done to reduce the environmental impact of trading cryptocurrency, eco-minded investors are confident that there’s a notable and ongoing movement in that direction.