One major concern that affects cryptos like Bitcoin, Ethereum, and many others is their lack of environmental credentials. The amount of electricity consumed by bitcoin mining annually can boil water for all cups of tea consumed in the United Kingdom for 30 years, based on the Cambridge Bitcoin Electricity Consumption Index.
However, are there any eco-friendly crypto alternatives?
IMPT is a great alternative for anyone who wants to engage in eco-friendly crypto mining activities. IMPT.io is the platform planning to introduce its native token known as IMPT. The presale of this token will launch on October 1, 2022. It will present an opportunity for all investors who desire to do something about environmental protection.
This project has been touted by analysts as the best solution for both worlds. It lets investors invest in crypto and simultaneously do something about energy efficiency. The platform offers a method of linking socially responsible brands with people who desire to mitigate their carbon footprint.
IMPT is powered by blockchain technology. Hence, it will let investors buy, sell, and retire carbon credits while avoiding double counting and any form of fraud concurrently. Carbon credits are minted as nonfungible tokens that help in preventing any chance of misuse.
On the flip side, since blockchain is used, it guarantees a transparent network. This network effectively resolves all environmental issues.
A Move Toward A Greener Crypto Sector
Growing awareness of crypto’s energy consumption, increased pressure from highly influential people like ElonMusk, who suspended bitcoin payments at Tesla because of the crypto’s environmental impact, and severe crackdowns in major nations like China are compelling the crypto sector to adapt.
While responding to these events, existing and new blockchain projects are considering everything ranging from exploring renewable energy-based mining to shifting to less energy-intensive validation networks.
Ethereum is one of the most prominent examples of a leading crypto project. It is moving from proof-of-work to a proof-of-stake (PoS) system, with a desire of mitigating its general energy consumption by 99.95%.
Unlike proof-of-work, proof-of-stake chooses validators based on how many of the project’s native tokens they manage to lock away in a staking smart contract. The more tokens an individual locks away, the bigger the probability they have of getting chosen by the protocol to add new data to the blockchain.
Resembling mining, selected validators get an amount of the newly minted tokens as a reward for their active participation. One of the main benefits of this system over cryptocurrency mining is that the hardware needs are majorly lowered, which means that more people can become validators.
That, in turn, boosts a project’s decentralization and enhances the network’s security. It comes with the added advantage of minimizing the amount of energy needed to power the network. IMPT.io platform is a great solution for resolving the issue of excessive energy consumption.
There are thriving financial incentives meant to improve the carbon footprint of crypto. The incentives come in handy since environmental policies weigh quite heavily in investors’ decision-making process and the regulators enhance their focus on crypto energy use.
Can Crypto Become More Sustainable?
Crypto advocates and developers are striving to achieve sustainability for the blockchain and crypto network. Several organizations like the Crypto Climate Accord are working toward having all blockchains powered by renewable energy by 2025. They have also produced a 32-page audit document for tallying the environmental effect of crypto.
In a recent report, the Bitcoin Mining Council surveyed 32% of its network and alleged that its users were mining with a 67% renewable energy mix.
Various factors impact the sustainability and environmental effect of crypto. Energy consumption is one of the most cited. However, it is not just a matter of which crypto uses the most power. You also have to consider what combination of sources that power is generated from.
How many types of mining operations are powered using renewable energy sources? What validation system do they use? How much physical equipment is needed to mine new coins?
Renewable And Repurposed Mining Power
Various mining operators like Crusoe Energy and Equinor have managed to repurpose unutilized conventional power plants. They have also used surplus gas from drilling that gets burned off to power mining activities. Nonetheless, critics have said that it does not get rid of harmful emissions. Instead, it only transfers them to another sector and could incentivize more drilling.
There have also been multiple attempts to use solar and wind farms to power all mining activities using renewable energy. For instance, one Houston-based tech company, Lancium, announced its plans to invest $150 million into renewable mining plants in 2022.
While that decision was incredible in theory, it might not be financially viable. It could be impossible to develop renewable plants to power crypto that could lose most of its value steeply. Bitcoin’s value seems to remain high even as it swings. Nonetheless, most of the other cryptos may not have the capacity to justify costs of using new energy plants just to mine them.
To resolve most of these drawbacks, the developers of new crypto and blockchain networks are seeking more energy-efficient designs instead. IMPT is a great solution for anyone aiming to engage in eco-friendly crypto mining.
Impt.io (IMPT) IS An Eco-Friendly Crypto
For anyone seeking the best energy-efficient crypto, it is advisable to focus on a new eco-friendly project, Impt.io. The key driving force of this energy-efficient project is to enhance the release of carbons into the environment. This strategy enables people and firms to mitigate their carbon footprint efficiently.
The Impt.io platform will let investors buy carbon credits that can be tokenized. Since blockchain powers this project, its operations are transparent. Hence, users can trace and check these carbon credits. Notably, these credits can also be retired. After retirement, they are then burned and eliminated from circulation. For those that remain, users can trade them through various eco-friendly projects.
During the presale phase, the price is affordable since it is set at $0.06 per IMPT token.
