Ethereum and other cryptocurrencies such as Bitcoin, and Dogecoin had their best year ever last year. Many people have made reckless investments based on digital financial facts.
But the currencies have pulled in billions of dollars for investors, paving the way for their market success in the future. Crypto, unlike paper, is a digital trade that requires computational power to function.
Individuals who invest in cryptocurrency, on the other hand, are supporting an environmentally deteriorating business, therefore increasing their carbon footprints.
A worldwide market that is reliant on power worsens atmospheric deterioration, reducing the industry’s overall sustainability, however certain currencies appear to be more ecologically sensitive.
Energy Consumption
Crypto mining problems need several energy-intensive computations.
Cryptocurrency supporters claim that because it does not rely on a trusted middleman or a single point of failure, this system offers significant benefits over centralised currencies.
121 Terawatt-hours of electricity per year is what Bitcoin consumes to run its system which is more than the entire country of Argentina – according to the BBC.
And the Digiconomist, one of many cryptocurrency analytics websites, states that the Ethereum network consumes the same amount of electricity as the whole country of Qatar. (https://digiconomist.net/ethereum-energy-consumption/)
In the case of bitcoin, the mathematical problems required to generate blocks become increasingly complex as the price rises, while transaction throughput remains constant.
This is one big source of concern among environmentalists – being that when the price of bitcoin rises, mining becomes less efficient.
This means that the network will require more computing power and energy to perform the same amount of transactions over time.
Not only does this increase in energy consumption means potentially more carbon emissions, but Bitcoin is also ignorant of the environmental impact their goals have. Most cryptocurrencies simply don’t care about their environmental impact, there are however some up-and-coming Tokens that are more environmentally conscious. HUH token, a community-based currency, plans to pave the way for crypto carbon caution.
HUH token
The HUH Token is a cryptocurrency that is soon to reveal its release date and is currently in pre-sale. The announcement is due this Thursday.
The website of the HUH Token inventors says that they have established a means for investors to make extra money passively through a specially built referral system.
In theory, this recommendation system can bring individuals together and provide profit.
According to the creators, their goal is to challenge the current dynamics and generate a source of income for everyone – an admirable goal that looks to be driven by compassion.
HUH Token has also announced a partnership with Eden Reforestation Projects.
Eden Projects is a non-profit organisation that works in developing countries to rehabilitate natural habitats that have been deforested.
Every year, the organisation recruits thousands of local villagers and provides them with the information and tools they need to plant, cultivate, and safeguard millions of trees until they reach maturity.
Eden works directly with communities and people that are facing extreme poverty as a result of deforestation and soil degradation.
This partnership with Eden Reforestation is going to provide one tree, for a total of one million trees, for the first one million HUH Token holders.
A mature tree absorbs approximately forty-eight pounds of carbon dioxide, meaning that the initiative with EDEN has the potential to absorb 48,000,000 pounds of carbon dioxide in a single year.
HUH Token is slated for an official launch of their website on Wednesday the 10th November. Also, starting tomorrow, you’ll be able to discover the HUH Token logo among EDEN’s Million Tree Partners.
