Bitcoin ups the ante on global warming while Big Eyes and Ethereum eliminate excess energy consumption
Environmental impact is one of the biggest concerns for ethical investors looking to enter the cryptocurrency space. Bitcoin (BTC) is the most popular cryptocurrency and led to the emergence of cryptocurrencies. However, it is one of the worst in terms of environmental impact. In this piece, I will examine Bitcoin, and compare it to two more energy efficient alternatives – Ethereum (ETH) and Big Eyes (BIG).
Bitcoin Builds a Bad Rep
Although one of the first and most robust cryptocurrencies, Bitcoin (BTC) takes a toll on the environment. Bitcoin mining uses as much energy as a country like Jordan or Sri Lanka. This high power consumption is due to a very secure but energy-inefficient method of validating transactions, called proof-of-work.
Most of the electricity used to power Bitcoin mining comes from coal. 68% of mining is in Asia, and with much more lax pollution and environmental regulations, a green, sustainable option is probably not seen as a very attractive option. Some companies attempt to greenwash this energy source by claiming that they use “spare” energy to prevent energy waste from power plants in the event of excess capacity.
Of course, with such a large amount of electricity being used, it is not surprising that Bitcoin is responsible for an exorbitant amount of greenhouse gas emissions. In 2019, Bitcoin was responsible for 22.9 million tons of C02 emissions, which is the same as 5 million cars driven in a year.
Surely there must be a better alternative to this energy-guzzling giant?
Enter Ethereum
Ethereum (ETH) is the second most popular cryptocurrency. It acts as a platform for other cryptocurrencies to operate on. It also allows for decentralized execution of smart contracts. It initially ran on the same proof-of-work system as Bitcoin, but recently changed to proof-of-stake, a much more energy-efficient method of validating transactions on the network.
Big eyes to the rescue
Big Eyes (BIG) is an upcoming meme coin. This cute little cat has collected over $9 million in pre-sales so far and continues to grow every day. As it runs on the Ethereum network, not only is Big Eyes more energy efficient than Bitcoin, but having a positive impact on the environment is a big part of its core purpose. 5% of all tokens are held in a visible charity wallet, which will be used to contribute to causes that will have a positive impact on our planet. Big Eyes wants to focus more on ocean conservation charities, because of the negative effect that plastic pollution, oil spills and overfishing have on marine life. As the Big Eyes tokens grow in value, so will the amount of financial assistance they will be able to provide to charities trying to make the ocean a cleaner place. Use promo code BUYEYES816 for extra free Big Eyes tokens with your purchase.
Final thoughts
Proof-of-stake is a much more energy-efficient method of validating transactions that a network can use. However, there are downsides to having a proof-of-stake system. It tends towards centralization, as the whales in the market (investors who own a high percentage of cryptocurrency in the market) can have much more influence. The more funds they stake, the more voting power they have, and so many people question whether proof-of-stake even fulfills the whole purpose of cryptocurrency – decentralization.
Regardless, proof-of-stake is much better than Bitcoin’s proof-of-work system in terms of environmental impact. With coins like Big Eyes, it does its part to help and contribute to a positive effect on our planet. Retaining complete decentralization or having a better impact on the environment is a choice environmentally conscious investors must consider.
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