Can crypto be Green?
In the future, when Bitcoin is what it is going to be the huge success it is destined to be, there will be environmental issues to be considered. It turns out Bitcoin is not very energy efficient. One Bitcoin transaction uses up 30 kWh of energy. If you do the math, this means the energy required for one Bitcoin transactions would power 300 10W lightbulbs for 10 hours. Or, 180,000 10W lightbulbs for one minute.
Companies with a green agenda will be considering their options for their cryptocurrency needs. Bitcoin is a hard sell to be a sustainable choice for the booming green business. One option for those companies, is to use Burstcoin. While Bitcoin and most other cryptocurrencies use mining algorithms that use up a lot energy, Burstcoin has a different approach of using hard drives.
When you do the same math that was done for Bitcoin transactions, one Burstcoin transaction will use much less energy than a Bitcoin transaction. It turns out, the energy used is only 0.07 kWh. That means one Burstcoin transaction would power only 21 10W lightbulbs for 10 hours compared to the 300 that would be powered by a Bitcoin transaction.
Ripple and NEM Show how it works. Proof of stake and proof of importance are the better choices!
I'm not saying they are bad choices at all, but they are not aimed at the same market as Burstcoin. For me it appears they are more aimed towards banking needs than the needs of the green business community, or towards "the people".
My own approach to energy efficiency is to mine Gridcoin which involves the generating of BOINC computations for science. Essentially your both supporting science and mining at the same time. Additionally Gridcoin is designed not to fall into the Bitcoin trap of ever expanding mining cost. It is designed to be socially useful in much the same way that Steemit is proving to be.
Science computation is a great goal for a cryptocoin, I agree. I was making the point of a green choice for companies with a green agenda.
We'll have to develop mining via quantum computers :)
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