In the high-tech marketplace of cryptocurrencies, many past titans of the blockchain have come under intense scrutiny regarding the environmental impact of their technologies. No surprise there – it’s scientifically clear that significant emissions result from the power consumption required to run effective blockchain systems. According to statistics from Whitehouse.gov, ‘global electricity generation for the crypto-assets with the largest market capitalizations resulted in a combined 140 ± 30 million metric tons of carbon dioxide per year.’
In this article, we’ll analyse three cryptocurrencies: Big Eyes Coin (BIG), Dogecoin (DOGE), and Bitcoin (BTC). The former of these is unique in that it is not among the ‘largest market capitalizations’ mentioned in the US Government’s environmental analysis. It is also a currency whose team has stated their explicit intention to mitigate their project’s environmental impacts. Therefore, it can be used as a point of comparison to two larger, more power-hungry coins.
Read on to find out how these cryptocurrencies affect the world we live in today.
Bitcoin: Burning Gas like there’s no tomorrow
As the father of all cryptocurrencies, it shouldn’t shock anyone that this coin has some peculiar aspects to its function that seem antiquated by modern standards. However, what is shocking about this ultra-valuable coin is that it uses more electricity than some countries do annually. According to research from the American Chemical Society, the annual emissions caused by Bitcoin (BTC) transactions and mining are comparable to those recorded from the countries of Jordan and Sri Lanka each year.
The reasons behind this are the unique methods Bitcoin (BTC) and its blockchain systems employ. Unlike many contemporary cryptocurrencies, Bitcoin often requires ‘proof-of-work’ for generation, a highly energy-intensive process. This sets this coin apart from many of its fellows, which have found new ways to complete similar tasks.
In 2022, the Cambridge Centre for Alternative Finance estimated that Bitcoin (BTC) and its associated processes consume approximately 100 TWh every year. This means that Bitcoin (BTC) mining near equals the nation of Egypt in electricity usage, and also that mining alone accounts for the consumption of 0.15% of the world’s total electricity production.
This electricity-sapping network is made more destructive by the fact that the best hardware which allow mining of Bitcoins is specialised and specific. The equipment needed for this process, therefore, is difficult to recycle or repurpose, meaning its environmental impact is greater. The Digiconomist estimated in February of this year that one Bitcoin (BTC) transaction produces around 380g of E-Waste – more than two iPhones.
With these factors in mind, we can view Bitcoin (BTC) as the original, but certainly not the best for any investor with ethical concerns. If you’re looking to make a profit but preserve the planet, this author cannot recommend continued support of Bitcoin (BTC).
Dogecoin: Friendly but Fatal
Next we come to another high-ranking cryptocurrency, this time the quirky Dogecoin (DOGE). This progenitor of meme coins has found great success thanks to its frequent endorsement by billionaire technological mogul Elon Musk.
On its surface, one would assume that this coin, being created more recently and with a more advanced blueprint for transactions, that it would have more environmental credentials to its name.
However, as we’ll see, this isn’t quite the picture that’s drawn as we explore Dogecoin and its impacts on our planet.
Similarly to Bitcoin (BTC), Dogecoin (DOGE) is based on proof-of-work verification. This means that its power requirements are much greater than many other cryptocurrencies, and like Bitcoin (BTC), it means the power draw of this meme coin is eye-watering: the coin’s yearly power draw matches that of El Salvador, and its corresponding carbon footprint is close to that of the Bahamas.
This also shows that the same issues faced by BTC as the world of finance attempts to move closer to sustainability are faced by Dogecoin (DOGE) and its developers. Promises have been made that the coin will move to a model that is not so demanding, but detail is thin on the ground here.
It is a great irony therefore that Elon Musk last year declared that his company, Tesla, will no longer accept payments in Bitcoin (BTC) due to the environmental burden of this token. Dogecoin (DOGE) is no saint in this aspect, and despite the great growth of this meme coin, not enough has been done to turn this token into a future-friendly sustainable currency.
Big Eyes Coin: Saving the Oceans for Future Generations
Enter Big Eyes Coin (BIG), a meme coin in its infancy. The developers of this coin have made commendable efforts to outdo their predecessors in the field of environmental preservation. The coin’s whitepaper shows the team’s passion for making a profit while protecting the natural world and the ecosystems within it.
Right off the bat, this coin’s architecture is distinct and modern. Based on the Ethereum blockchain, this token is closer to carbon-neutral and has a much lesser drain on electricity per transaction. Ethereum moved away from proof-of-work as a foundation in 2022, moving to the far more ecologically friendly ‘proof-of-stake’ model. Deliberately selecting a more eco-friendly foundation, the Big Eyes team have displayed their awareness of the importance of sustainable cryptocurrency.
In addition, the team behind Big Eyes Coin (BIG) are committed to making their platform and token sustainable for the future. Built into the management of the token is a provision for charitable donations. 5% of the token’s total supply will be reserved for a visible charity wallet. These monies will be gifted to charities that work to protect and preserve the world’s oceans and marine wildlife.
This effort is a clear sign that the coins of the moment are conscious of the environment and working hard to ensure that they give back to the planet in order to ensure a bright future for all.
Clearly, this planet-loving approach is having an impact. Big Eyes Coin (BIG) is currently in its presale phase, and has raised a jaw-dropping $7.8M already.
If you want to get in early to this environment-aware meme coin, make sure to claim bonus tokens at checkout by using the code: BEYES191
Big Eyes Coin (BIG)
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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