Bitcoin came into being in 2009. Since then, numerous other coins/tokens have been launched. Regardless, BTC has always remained high on the list of popular cryptocurrencies.
Investors should peruse The News Spy, the intelligent and knowledgeable trading and investment platform. It will help them compare Bitcoin’s performance with the performances of other cryptocurrencies.
Apart from this platform, experts publish the latest news about events taking place in the global marketplace. For instance, they will inform you about the exponential rise of blockchain technology in recent years.
They will highlight the benefits of dealing with a decentralized financial system, thereby removing third-party interference. This way, investors have total control over their respective digital assets.
However, there is a downside to favoring the world of cryptocurrencies. Virtual currencies come to the fore via mining or the addition of new blocks to various blockchains.
It involves tremendous consumption of energy, thanks to using the consensus mechanism of proof-of-work (PoW). Bitcoin is a leader in this regard.
Therefore, certain digital currencies are experimenting with the reduction of the carbon footprint. They are the new, green cryptocurrencies. Two examples are SOL (Solana) and BIG (Big Eyes Coin).
They are keen to reduce harm to the environment via excess energy consumption. Thus, investors should prefer them, rather than continuing with investment in Bitcoins.
Solana refers to a blockchain network. It validates new transactions via the proof-of-stake (Pos) consensus mechanism. Investors may stake various virtual currencies for adding new blocks to the Solana blockchain.
The method enables the validation of new entries into a distributed database. Similarly, proof-of-history (PoH) is responsible for providing extra security to the database.
The two methods, PoH and PoS ensure that carbon emissions are reduced to the minimum. It enables investors to enjoy dabbling in cryptocurrencies, without feeling guilty about causing degradation to the environment.
Big Eyes refers to a meme coin. The central theme of the coin is a cat. This cat is fascinated by the ocean and diverse forms of aquatic life, including fish. Viewers believe that the cat has a cute appearance.
When in the presale stage of its launch, the meme coin garnered more than $18 million in profits. It indicated how popular the coin had become within such a short time.
The company had planned to launch BIG at the end of January 2023, provided there were returns of an extra $12 million.
The launch would take the form of a promotional event, even going to the extent of offering investors a 200% bonus code. Investors would have to key in LAUNCHBIGEYES200 while checking out.
This would enable each one to gain thrice the number of BIG tokens. A calculator on the company’s website would reveal the current and future worth of each token/coin.
The promotional event would ensure that ocean-saving charities gain much. The company had initiated a 5% charity wallet too. Around 5% of all BIG coins would be donated to charities.
An example of such a charity is Sea Shepherd, a non-profit organization. This organization is keen on preventing harmful human activities to effect oceans and the aquatic life residing in them. It has already received its share of benefits.
Bitcoin is a non-green coin that operates in alignment with the proof-of-work (PoW) consensus mechanism. It has been functioning in the same way ever since its launch.
Miners must resolve complex mathematical problems on a supercomputer if they wish to discover new blocks of Bitcoin. Whenever a miner solves the equation, a new block comes into being.
This block is added to the previous blocks on the Bitcoin network. The miner is awarded a prize in the form of Bitcoins.
The snag is that the usage of this blockchain technology proves very expensive. Similarly, the method involves high consumption of energy, and time, too.
Finally, huge amounts of carbon dioxide are added to the atmosphere via the consumption of large amounts of fossil fuels. The annual consumption of energy for cryptocurrency mining is equivalent to the annual energy usage by Argentina or Malaysia.
Experts expect the percentage of energy consumption to rise even more in the future, as the number of digital currency miners increases. Therefore, they urge investors to pay attention to green coins/tokens.