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April 25, 2022

What blockchains are actually eco-friendly?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Do you like the idea of blockchains, but love the planet too?

Well, it’s true what you’ve heard. Bitcoin uses an incredible amount of energy, and Ethereum isn’t much better.

If you’ve followed this podcast, you know the problem is their method of transaction validation, called proof of work. It forces validators to waste resources. 

Good news, green blockchains are possible. Among the more popular are Solana, Algorand, and Avalanche, for example. But the list is led by IOTA, which consumes very little energy. 

And some take it even further by actively donating towards green causes. Algorand and Celo for example don’t JUST use a couple of million times LESS energy than Bitcoin, but they donate towards causes like planting trees, which makes their impact carbon negative - and net positive for our environment.

See? It is possible to have it all: blockchains and a healthy planet. We cross our fingers to see many more pop up in the near future.

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