The cryptocurrency market plunged Thursday morning after Tesla CEO Elon Musk said the electric car maker would no longer accept Bitcoin due to the rate of energy consumption during crypto mining. currencies.
Bitcoin dipped to $ 46,000 before recovering slightly to around $ 49,500 where it is currently trading. The majority of Altcoins also traded in red, except for a few selected tokens such as Cardano (ADA), Hedera Hashgraph (HBAR), Nano (NANO), Quant (QNT), Energy Web Token (EWT) which have flourished because of the ongoing energy debate. Efficiency.
The energy efficiency debate was sparked when Elon Musk tweeted “We are also looking at other cryptocurrencies that use less than 1% of Bitcoin’s energy / transaction.”
Bitcoin uses a “Proof of work” algorithm that involves extracting the hash rate to produce a single token. Cryptocurrencies that instead use the “Proof of participation” consensus uses much less energy, as do currencies using a technology called block-lattice, which does not require mining.
Why these tokens rallied
Cardano’s (ADA) price has hit new all-time highs of $ 2.03 as traders and analysts delve into a digital asset that claims it is a much less carbon intensive alternative.
Cardano CEO Charles Hoskinson previously reportedly said Cardano was 1.6 million times more energy efficient than Bitcoin. Additionally, senior analyst at invest.com Jesse Cohen indicated that Cardano’s ADA is one of two cryptocurrencies with more sustainable environmental costs than Bitcoin.
Kusama is a scalable multi-chain network for radical innovation and early stage Polkadot deployments. Kusama’s rise to all-time highs of $ 587 came after the network announced the imminent opening of Kusama’s Parachain auction, with its online Testnet.
He said on May 12 âThe v0.9.1 update was adopted by the council and is now a public referendum. This upgrade includes code for Parachains, Auctions and Crowdloans reduced the min. transfer acquired by 100x and reduced fees / deposits by 50x.
Hedera Hashgraph (HBAR)
With the debate raging on energy efficiency, enterprise blockchain solution, Hedera Hashgraph is another cryptocurrency that comes to mind. French utility giant ÃlectricitÃ© de France (EDF) reportedly joined Hedera Hashgraph’s board in March, with the aim of becoming carbon neutral.
Pawan Anand, head of the application development team at Accenture, said that a report that focuses on the amount of energy needed to run Bitcoin, Ethereum and Hedera Hashgraph concluded that Hedera is the blockchain technology the most durable. At the time of going to press, Hedera Hashgraph was trading at $ 0.35, up 31.06% in the past 24 hours.
According to Leafscore, Nano remains a top pick as one of the top energy efficient and environmentally friendly cryptocurrencies of 2021. Nano, although reliant on proof of work, uses block network technology, which is energy efficient. Digiconomist estimates that compared to 950 kWh for each Bitcoin transaction, Nano uses only 0.112 Wh.
Nano rose from a low of $ 8.54 to intraday highs of $ 18.57, rallying nearly 100% following Elon Musk’s tweet about researching cryptos that use less than one percent of the energy from BTC.
Energy Web Token (EWT)
Energy Web Token is another token that received a huge boost after Tesla CEO tweeted about researching cryptocurrencies that use less than 1% of Bitcoin’s energy. Energy Web Token (EWT) is the operational token behind the Energy web Chain, a blockchain-based virtual machine designed to support and continue the development of applications for the energy sector.
EWT aims to bring diversity to the energy industry by enabling developers to build decentralized applications (DApps). At the time of this writing, EWT was trading at $ 17.53, up 35.17% in the past 24 hours.
Quant was launched in June 2018 with the goal of connecting blockchains and networks globally, without reducing network efficiency and interoperability. It claims to be the first project to solve the interoperability problem through the creation of the first blockchain operating system. QNT saw a massive breakout after a month-long consolidation fight, reaching all-time highs of $ 61.7 on May 13.
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