The cryptocurrency space has evolved as a healthy microcosm that expands its scope beyond financial investment and technological advancement. In a demonstration of social responsibility, several cryptocurrencies show a specific interest in being environmentally conscious.
Musk tweeted about Bitcoin in May 2021, which revealed the emissions and blatant use of fossil fuels in Bitcoin mining and transactions. The tweet also announced Tesla’s suspension of Bitcoin as a means of payment for all transactions related to Tesla products. The tweet accelerated the green conversation in the crypto space and had notable positive effects over the past year.
How does crypto affect the environment?
Before looking for alternatives in digital assets that are environmentally conscious, one must understand how cryptocurrencies – a digital entity – affect the natural ecosystem.
As of May 2021, researchers predict that the amount of e-waste produced by Bitcoin mining equipment alone will reach 30.7 metric kilotons per year. As the Bitcoin network’s hash rate increases, it will take mining equipment an average of 1.29 years to stop generating profits. ASIC-based mining hardware, the industry standard, is specialized and cannot be used for other purposes.
Among the most environmentally damaging “proof of work” cryptocurrencies, Bitcoin, Ethereum and Dogecoin use about 300 terawatt hours (TW/h) of energy each year, mostly from fossil fuels. About 114 million tons of CO2 is released every year by Bitcoin alone.
These are some of the many ways cryptocurrency mining poses environmental hazards and is actively condemned by activists. In response, several cryptocurrencies have gone further with environmentally sustainable alternatives.
Big Eyes Coin (BIG) makes big promises for ocean conservation
Big Eyes Coin (BIG) is a brand new token on the market which is conceptually a meme coin. The token is quite innovative in its approach to create a cat-based meme coin that can be recognized as a secret challenge to tokens like Dogecoin (DOGE) and Shiba Inu (SHIB).
Besides being innovative in the fintech space, the developers of Big Eyes Coin (BIG) also intend to expand an impact on the natural ecosystem. Almost 5% of Big Eyes Coin (BIG) wallet tokens are given to charities working for ocean conservation.
The token also intends to act as a community driven token, an exclusive NFT post, engaged with influencers and more. Big Eyes Coin (BIG) is actively evaluated by analysts despite being a new entity in the crypto market.
The emergence of the PoS (Proof-of-Stake) algorithm
The cost and speed of mining transactions have been the central conversation about blockchain in light of the efficiency of fintech and its impact on the environment. As a cryptocurrency, Cardano (ADA) is part of the Net Zero Asset Managers initiative. Its proof-of-stake algorithm eliminates the need for mining and allows scaling without using more resources.
To reduce its notorious gas fees, Ethereum (ETH) has also switched to a proof-of-stake mechanism in an event called The Merge. This is a significant step in Ethereum’s roadmap to evolve as a friendlier and environmentally sustainable cryptocurrency. This proposed fundamental change in the Ethereum system is anticipated by its investors and analysts.
There has been a general wave of green awareness in the crypto space, which is good news for the environment and in turn for crypto users. As people become more and more concerned about climate change, their habits are also changing, which is good news for your wallet as more and more people are looking for eco-friendly cryptocurrencies. That being said, you should focus your attention on the new Big Eyes Coin (BIG) crypto because its recalling coin will not only help the environment but also help your wallet as it explodes in the market.
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