Almost from the moment of their introduction onto the markets, cryptocurrencies have been mostly revolving around their most famous, valuable, and recognized representative. Bitcoin (BTC) is still the king of all cryptos as it is the industry standard.
Everyone who wants to trade and invest in digital currency eventually gets their hands on a little bit of BTC. It makes sense to own it because it is the original big-name coin, the one that started it all, and the one that will be more and more valuable as the time passes.
However, it is hardly the only one worth investing in and fighting over. It is a good thing when something or someone has great competitors because you also must grow and be better. This is what has been happening with new cryptos ever since Bitcoin took over and never looked back.
With each new addition to the market, digital currencies and their networks are better, more advanced, faster, and most importantly for this article, energy efficient.
Best also Means More Expensive
As a matter of fact, there are now thousands of cryptocurrencies worth following and knowing about. Most are new, still trying to establish a name for themselves in the tech and finance world, but they are slowly getting there. This hardly means that they are not worth it.
On the contrary, many of them are more energy-efficient than their big brother, Bitcoin. BTC is very expensive to mine and the price for a single coin measures in tens of thousands of dollars, depending on the fluctuations.
It is expensive to mine because it takes a lot of computing power to solve the mathematical problems behind it and find new blocks to add to the blockchain network.
High-end computer hardware costs a lot, and it consumes a lot of energy resulting in high bills. There are also cryptocurrencies out there whose creators worry and care about our world.
If you want a crypto that is more self-sufficient and energy-efficient, you will enjoy knowing that there are quite a lot of them out there. All you need to do it do a little bit of research about them and then invest in them.
In the article right here and now we are going to talk about some of the best ones to try out. All of them are better than BTC when it comes to energy efficiency. They are your best bet if you wish to spend less time and resources on energy-related issues.
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We start things off with a coin that is named after a renewable source of energy, that of solar power. This should immediately tell you how efficient it is energy-wise. It is a global, decentralized and independent currency that the users can spend and trade with, just like any other more famous currency.
The biggest advantage and the key difference between Solar and most others is its incentive to be helpful in the real world. The currency aims to encourage solar energy production. For every megawatt hour received from solar technology, the team behind SLR creates 1 Solarcoin.
Their network relies on the uploaded documentation of users that proves their generation of solar power. The ultimate goal of this environmentally-friendly coin is to pave way for cheaper solar array installation affordable for everyone.
When it was first created, POWR was on the Ethereum. The price of their token skyrocketed on exchanges like Coinbase in 2023, despite other cryptos experiencing a crash. In order to obtain it, the users must become a part of the Powerledger network and secure various products that exist on it.
Some of these products include clean energy trading and tracking. The platform distributed, capable of helping with the tracing, tracking, and trading energy. This is important because it can provide more resilient and stable energy grids.
Since they switched to their own custom platform, everything has been more secure, energy-efficient, and overall better. They are now ready to elevate their token even higher.
One of the founders of the second-most popular crypto and blockchain platform, Ethereum, Charles Hoskinson, is the person behind Cardano. This blockchain was actually tested by some of the most knowledgeable and experienced academics and scientists, who agreed that it is the first true peer-reviewed blockchain.
Cardano is a digital currency but also as a dedicated platform for DApps, digital contracts, and many other useful purposes. Bitcoin can only have 7 transactions per second, while Cardano does 1,000 per second. This is a clear advantage and an example of a more modern, advanced blockchain that is more efficient.
This is possible because it something called Proof of Stake, where the ones who want to have the currency must buy its tokens to be on the network community. What this does is save tons of energy. Hoskinson says that his new network only needs 6GWh to be operational.
Released in 2014, it is actually one of the older networks on the list. It separated itself from Ripple and became its own thing, with the ultimate goal of narrowing the gap between traditional financial institutions like central banks on one side, and cryptocurrencies on the other.
The network never charges individuals nor institutions for the use of its services and it actually managed to put itself as a serious competitor to PayPal. It offers easier, more cost-effective, and faster transactions, both in terms of different assets and across different borders. On Stellar, US Dollars, Bitcoin, Pesos, Yen, and any other traditional or virtual currency can be exchanged.
Its own token is called Lumens, and it is used as a facilitator for the trades on their blockchain ledger. It is efficient and the interest is a fraction of a cent. All of this translates to more energy-efficiency. In addition, the users can use the network for various initiatives like renewable energy investing. Lumens also works on crypto exchanges like.
Conclusion and Takeaways
Getting into the crypto game in 2023 is definitely not an easy task, but it is much easier to choose a coin to support than back in the day. Having options and those options being different enough from each other benefits everyone, both the industry and the users who want to invest.
The world needs things that are friendly to the environment and people who are conscious about the important things. It is good to see something as important for the future as virtual currencies are strive for saving the planet and leaving a smaller carbon footprint.