Climate change has become a bigger worry for people worldwide in recent years. This worry affects consumer behaviour, often opting for more environmentally friendly versions of similar products. A global study found that 68% of the world’s population worries about climate change, and 76% believe it’s big companies’ and corporations’ responsibility to combat climate change.
Though this may seem unreasonable to some, a recent report shows that only 100 companies are responsible for over 70% of global climate emissions. This responsibility also goes over to cryptocurrency, as cryptocurrency can consume a lot of energy. Will older currencies like Bitcoin (BTC) and Litcoin (LTC) get surpassed but more environmentally focussed ones like the new meme coin, Big Eyes Coin (BIG)?
Bitcoin (BTC) Affects the Environment.
Bitcoin (BTC) was one of the first modern cryptocurrencies to hit the market. It is now arguably the most popular crypto and has the highest market cap. Bitcoin is thought to consume an estimated 150 terawatt-hours of electricity annually. Shockingly this is more than the entire country of Argentina (population of 45 million). This amount is highly attributed to the way people mine Bitcoin.
Bitcoin is mined using the proof-of-work mining method. This method enables more Bitcoins to be added to the blockchain. Each end of the blockchain has a specific hash number. To add to the blockchain, you have to solve complex mathematical equations that will provide you with the complementary number to the previous block. This will enable the user who solved the equation to add to the blockchain and be rewarded with a Bitcoin. The equations have become more complicated as more people have begun mining Bitcoin. Due to this, people prefer using intelligent computers to mine with as they’re faster. However, these computers require a lot of energy, which is why Bitcoin’s energy consumption is so high.
Litecoin (LTC) Is No Better for the Environment.
Litecoin was released as an alternative to Bitcoin in 2011. The coin was released to up the transaction speed of crypto, and it has made its transaction speed four times faster than Bitcoin. The blockchain Litecoin uses a blockchain based on Bitcoin’s original blockchain. This means that Litecoin also uses the proof-of-work method utilised by Bitcoin. Litecoin isn’t currently as popular as Bitcoin and may not produce as much energy while mining. However, it still produces energy due to its mining method, which negatively affects the environment.
Though the cryptocurrency produces a lot of energy with their mining process, they don’t do anything to combat this, and there is no responsibility taken.
Big Eyes Coin (BIG) And Its Positive Environmental Impact.
Big Eyes Coin (BIG) is a new meme coin and is a cryptocurrency that wants to make a difference. Big Eyes Coin uses the proof-of-stake mining method, unlike the previously mentioned coins. Owners of a cryptocurrency can stake their coins and establish their own validator nodes using the proof-of-stake concept. Staking is the process of pledging your coins for use in transaction verification. While you stake your coins, they are locked up, but you can un-stake them if you want to swap them. This allows new blocks to be added to the blockchain without requiring the colossal energy usage that the proof-of-work method uses.
Big Eyes Coin’s care for the environment goes further than that. The coin will also put aside 5% of their BIG tokens to the side to donate to ocean-saving charities. This can help us clean our oceans, save ecosystems and help our Earth on a deeper level.
The biggest cryptocurrency on the market is hurting our environment without care. Though other cryptos have switched to using different mining methods, they have yet to change. They aren’t the only cryptocurrency to use methods detrimental to the environment; Litecoin is also affecting the Earth negatively. However, there are cryptocurrencies like Big Eyes Coin out there that are focused on being sustainable.
Big Eyes Coin (BIG)
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