Cryptocurrency might be best known for its potential financial risk, but it’s increasingly under fire for another less-than-desirable issue. In recent months, concern has swirled around the negative impact that crypto is having on the environment. That impact, in a nutshell, is that as cryptocurrency trading becomes more common, so does energy use as a result of it.
See: 3 Common Crypto Misconceptions Debunked Find: Cryptocurrency Complicates Splitting Assets During a DivorceThe Cost of Mining Coins and Tracking Transactions
Estimating the energy consumption involved with cryptocurrency mining is a complex task, but it’s generally understood as the energy used to digitally mine crypto coins and process trading transactions plus the power usage of the hardware devices used to support these efforts. Estimates vary, but some analysts place the annual energy consumption tied to crypto as being on par with a small country.
Read: Crypto Curious but Risk Averse? You Can Invest as Little as $1 – on Venmo15 Environmentally-Friendly Crypto Options
If you’re interested in investing in digital currency but also want to do so in the most eco-conscious way possible, take a look at these cryptocurrencies, which are all helping the industry forge a thoughtful and expedient path to sustainability.1. Algorand (ALGO)
In April, Algorand declared its blockchain to be completely carbon-neutral. This crypto has also fostered a partnership with Climate Trade, an organization dedicated to helping companies improve their sustainability profiles.2. BitGreen (BITG)
BitGreen’s preferred form of industry disruption is financial incentives that can drive toward policy change. This fall, it plans to launch its anticipated new mobile impact wallet. The app will allow users to record their environmentally-friendly actions, such as using a ride share service, and will offer financial rewards for doing so.3. Card...