Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk said Thursday that the automaker is “considering other cryptocurrencies that use <1% of Bitcoin's energy / transaction." In the event that Musk & Co. looking for green alternatives to Bitcoin (BTC), they have some cryptocurrencies that they can choose from low-energy coins.
Dogecoin (DOGE): A favorite topic of discussion for Musk, DOGE consumes 0.12 kilowatt hours or KWh per transaction. This is the second least hungry coin evaluated by the technology company TRG Datacenters. In contrast, BTC consumes 707 KWh and comes in last on the list. Ethereum (ETH) consumes 62.56 KWh per transaction.
See also: How to buy Dogecoin (DOGE)
According to the estimated annual consumption for BTC according to the Center for Alternative Finance in Cambridge is 1
Bitcoin energy consumption according to Cbeci.Org
On Tuesday, Musk presented a poll through his Twitter account, asking his followers if they want Tesla to accept DOGE. 78.2% voted for, while 21.8% voted against.
Do you want Tesla to accept Dodge?
– Elon Musk (@elonmusk) May 11, 2021
During the press BTC traded 12.12% lower at $ 50,416.11, ETH 8.85% lower at $ 3,905.84 and DOGE 10.17% lower at the level of 0.44 dollars.
XRP (XRP): The cryptocurrency associated with Ripple Labs, Inc. is the least energy-hungry, according to TRG data centers. It consumes 0.0079 KWh per transaction. However, XRP has been in the cloud since December after the US Securities and Exchange Commission announced a lawsuit against Ripple for conducting an unregistered offering of securities worth $ 1.3 billion. Ripple managed to win several legal points against the SEC last month.
XRP was trading 10.99% lower at $ 1.35 in the press.
Cardano (ADA): With an energy consumption of 0.5479 Kwh per transaction, ADA ranks third in terms of the least amount of energy from TRG Datacenters. Cardano claims that it is the first blockchain platform built through peer-reviewed research and aims to bring about “positive global change”. It was founded by entrepreneur-mathematician Charles Hoskinson, who is also a co-founder of Ethereum.
The ADA traded 8.37% lower at $ 1.64 in the press.
See also: Dodgecoin Musk’s army recruits Jen Simmons becomes a supporter of Cardano – That’s why
Litecoin (LTC): According to TRG data centers, LTC consumes 18,522 KWh per transaction. LTC can be merged with DOGE, which proved to be a boon for the Lightton miners. Dogecoin co-creator Billy Marcus highlighted the environmental benefits of this type of combined mining with a Scrypt coin.
“[Dogecoin] gets the benefits of high hashing speeds without as significant a carbon footprint as other Scrypt coins, which makes it very strong and secure, ”Marcus told Benzinga in April.
LTC was trading 16.16% lower at $ 322.74 in the press.
See also: Is Litecoin planned to be the next stopper of the crypto show?
Chia Network (XCH): A newly introduced coin, XCH, is being touted as a solution to Bitcoin’s starvation operations based on its blockchain Proof of Work. According to Chia’s business report, BTC consumes energy comparable to Finland, which is “reasonably contradictory.”
Average network power in megawatts for different cryptocurrencies according to Chiapower.Org
“The Chia Network (and chia) blockchain is designed to be a green, environmentally friendly alternative to Proof of Work,” the white paper said.
XCH traded 0.21% lower at $ 1,076.00.
Arrangement of suitors: Proof of work is the original security system promoted by Bitcoin, which involves solving complex mathematical problems using powerful but energy-hungry computers. In contrast, Proof of Stake emerged as an alternative; this system is based on existing coin ownership. Now that Tesla is looking for an alternative to bitcoin, presumably for environmental reasons, several contenders will struggle to become a coin of the carmaker’s choice. The race is already underway, as can be seen from these tweets by Justin Sun, the founder of Throne (TRX) and co-founder of Doge Marcus.
Hello @elonmusk, if you really want an instant, stable, low fee solution and green energy payment for @Tesla, your best choice is @Tether_to on #TRON. It is used by tens of millions of people worldwide with a transaction volume of over 10 billion dollars a day. https://t.co/KQgwRgxo4m
– Justin Sun (@justinsuntron) May 13, 2021
only if there was a merged digging cryptocurrency that had a much smaller carbon footprint than bitcoin and also had a dog
– Shibetoshi Nakamoto (@ BillyM2k) May 12, 2021
What coin will Musk ultimately choose as Tesla’s coin of choice? Your guess is as good as ours.
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