One of the most important issues facing the crypto industry is its environmental impact. Big Eyes Coin, Ethereum, and many others are all doing their part to combat this, but even as they do, the industry still faces problems.
With Bitcoin still leading the industry by a significant margin, and the technology behind the project being a major factor in the general perception of crypto’s negative environmental impact, it is important to take a closer look.
In this article, we’ll look at the technology behind Bitcoin and its environmental impact, before looking at how Ethereum and ERC-20 meme token Big Eyes Coin are doing their bit to fight for environmentally conscious crypto practices.
How Proof-of-Work Makes Bitcoin Waste Excess Energy
As the original cryptocurrency, it’s no surprise that the technology Bitcoin has been built on has become somewhat outdated in today’s economy. Proof-of-Work is a validation system that allows anyone to validate Bitcoin transactions as long as their technology is competitive, which, while good in theory, has turned into something of a nightmare in modern times.
With so many validators working for Bitcoin rewards, and the necessity of the best machines possible to even have a chance to succeed, Bitcoin validation has turned into a technological arms race resulting in sky-high energy usage and energy waste per transaction. This is also why Bitcoin transactions are so often time-consuming and expensive.
Consider the following: according to data from Solana, each Bitcoin transaction requires over 5 billion joules of energy to complete. Running the average US household for a year uses 38.6 billion joules.
The merger gives Ethereum an advantage in the environment
With the damage caused by the Proof-of-Work validation system, it is no surprise that crypto juggernaut Ethereum made the decision to move to the far more environmentally friendly Proof-of-Stake validation system, via The Merge that was completed earlier this year.
This system greatly reduces the number of machines involved in the validation process, reducing the energy output of Ethereum transactions to just 144,000 joules. According to Ethereum’s estimates, their energy consumption has decreased by 99.95% thanks to The Merge, allowing Ethereum to continue operating in a far more environmentally conscious manner.
Why can’t Bitcoin switch to Proof-of-Stake?
The solution to Bitcoin’s biggest problem seems obvious: if a network as extensive as Ethereum can switch validation protocols, why can’t Bitcoin?
Simply put, due to the age of the technology used by Bitcoin, the network will be nearly impossible to shift to a new validation protocol. This, combined with the fact that the creator of Bitcoin remains anonymous, makes it almost impossible to contact the original creator to request this shift, leaving a shift like The Merge a distant dream for the Bitcoin network.
Big Eyes Coin sets its sights on saving the oceans with bold charity scheme
Following Ethereum, there is the ERC-20 meme token Big Eyes Coin, which uses the blockchain’s low energy output to convey its own ecological message.
Having chosen to build itself on the Ethereum network in part because of the benefits presented by The Merge, Big Eyes Coin has big goals to save the planet, with the new and improved Ethereum as a great blockchain to help see through this.
Big Eyes Coin is a project on a mission: to save the oceans, to save the fish. This will be achieved via the charity wallet Big Eyes Coin, which holds 5% of all BIG tokens. The higher the value of BIG, the higher the value of the donation, meaning it is in the project’s best interest to grow and expand as widely as possible.
Big Eyes Coin is still in its early stages, which means now is the perfect opportunity to get involved for the opportunity to make big returns in the future. The project has raised over $5 million, and this set only continues to rise as the project moves through its fourth phase of pre-sales.
Even better? With the code BIGOCT22, buyers can take advantage of a 5% discount on token purchases, making it better than ever to engage with Big Eyes Coin.
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