Crypto

The green cryptocurrency revolution with Energyfi – Miroir Mag

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Posted Dec 1, 2021, 9:55 am

After Elon Musk announced through a tweet that he stopped accepting Bitcoin as a means of payment in May 2021 for ecological reasons and the prohibition of certain governments from mining Bitcoin, it had fallen by 6% on the same day and had increased by one. series of environmental problems. issues.

In fact, the CEO of Tesla had announced to be very concerned about the increasing consumption of energy and fossil fuels required to operate the Bitcoin network. Although you are a fan of this technology, and believe that it represents the future, you will no longer accept Bitcoin until you turn to greener energies and even consider studying other cryptocurrencies that consume less energy.

Therefore, one wonders if Elon Musk’s observation is justified or if it is just a marketing coup or even market manipulation. What if there was a viable alternative to carry out this “green” revolution?

The ecological impact of cryptocurrencies

To begin with, you have to understand that it is not cryptocurrencies that pollute, but mining and the energy they use.
We must distinguish two types of consensus for cryptocurrencies: those based on the process known as PoS (proof of stake) and others based on PoW (proof of work) in order to operate their networks.

The former do not pose any particular problem, in fact they are insignificant on the environment. In fact, the principle is that you “lock” your capital or part of your capital for as long as you want to validate a lock, which will result in obtaining a reward (commissions). A very commendable new implementation.

However, PoW-based cryptocurrencies require increasingly “complex” calculations to validate a block. The competitive nature of this system therefore rewards the most powerful machines that need to be constantly changed to stay at the forefront, which represents a huge waste and contamination of the components, discarded once they have become obsolete and specifically the ASIC hardware. ; the most popular mining hardware for cryptocurrencies, which like other computer components cannot be reused for other purposes.

This mess represents more than 12,000 tons of electronic waste a year, according to Digiconomist.

But this is still nothing compared to electricity, the first source of pollution via carbon emission, which is used is always more important.

It is a business, some refer to it as “turning energy into money”. Through the famous entrepreneurs who set up “mining farms” and others even reach countries where electricity and rents are the cheapest. Unsurprisingly, the highest concentration (65%) of these farms is in China, which is primarily powered by coal (with the resulting carbon dioxide emissions) and recently fossil fuels, although China recently banned Bitcoin mining.

According to CNBC, the bitcoin network uses as much energy per year as a country like Argentina. And it emits more than 36 million tons of carbon dioxide every year, that’s as much as New Zealand.

So how to tackle this big problem and what alternatives to favor?

A new green generation of cryptocurrencies

Some projects are turning to renewable energy, which is commonly referred to as the “green cryptocurrency revolution” and how you might think. It does not necessarily cost more and is not subject to seasonal fluctuations, as in China when they had to switch to fossil fuels during the dry season.

But is the use of renewable energy the only thing we can do at this level?

No, as projects like EnergyFi demonstrate.

The EFI token works with PoS (proof of stake) that does not require complex machines to solve blocks as in the case of PoW, so this new approach allows the cryptocurrency to operate without mining.

If we mention it because it is one of the projects that can “democratize” this revolution, because it is more than a cryptocurrency but an entire ecosystem.

In fact, it allows any novice creator (or experienced developer) to launch their own cryptocurrency, and even raise funds (EnergyPad) on a sustainable and green network and list this same cryptocurrency on their decentralized trading platform (DEX).

For their part, by owning these tokens, investors will be able to receive automatic passive income, use their coins in the services developed by EnergyFi, in particular reduced fees for the use of the exchange platform or the possibility of borrowing through EnergyLend.

This approach demonstrates that it is not necessary to put our planet in jeopardy to develop a successful Blockchain-based ecosystem and that it remains just as profitable for investors through participation and agriculture reward mechanisms (via EnergySave).

Perhaps this project will even catch the attention of companies like Tesla that are looking for cryptocurrencies that consume less than 1% of the total energy used by the Bitcoin network to be able to start accepting this type of payment again?

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conclusion

In the end, cryptocurrencies and the underlying technology (blockchain) are quite revolutionary and this technology has entered all areas of our life, even more than the Internet has, but at what cost? In fact, we need healthy alternatives like EnergyFi to take this technology to the next level.

And there is still work to be done because only 39% of mining is done through the exploitation of renewable energy. So we think Elon Musk was right to issue this ultimatum before it was too late. He is not the only one, Bill Gates also believes that Bitcoin is a major problem for the environment.

So turn things around on your scale and get involved in the green revolution today with EnergyFi.

You can find all the information about the Energyfi ecosystem here.

Graduated from a journalism school, Daniel coordinates, manages and plans the various contents published by Miroir Mag. In addition, his all-terrain pen comes as a reinforcement in case of News!

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