Your experiences with energy efficient cryptocurrencies?

[RussianEnglishTranslation]

I am watching with concerns the development of climate change and global warming. While I believe that cryptocurrencies make only a small contribution, even many small things add up to a large number.

Bitcoin consumes a lot of power and I don't know if that can change. What do you guys think? As far as I understand, the trust in Bitcoin is mainly due to the proof of work mechanism. And with this, the high power consumption is probably inseparable?

I'm considering investing more in altcoins based on proof of stake or proof of personhood. What do you think are the advantages and disadvantages?

It's hard to put this together in a way that doesn't sound conspiratorial, but I'll try anyway. It's up to you to DYOR. There is an obvious climate agenda that is promoted by major government and non-government organizations as well as non-profit action groups. Whether you believe in climate change or not, or whether it is man made, there are groups working to limit carbon emissions and something known as "carbon credits" now exists in two fields, regulated and non-regulated credits. Currently, some governments may require carbon emitters to purchase official carbon credits to offset their emissions but there is no global tax/standard on carbon emissions credits *yet. Blockchain technology is considered the "fourth industrial revolution" and coincides with some of the agendas promoted by the WEF and others. So it makes sense that popular blockchains are promoting themselves as carbon neutral or negative. Unfortunately, there are some groups that act to certify lands for carbon credits but the dark secret behind it is that these groups do not own the lands and they are unable to protect them in any way. I could create a project and sell carbon credits for 20 million hectares of trees in Guyana to a blockchain right now and get rich. It's all a scam until the UN creates a global carbon tax and carbon credit standard and regulates these credits. There are groups currently pushing BTC to go POS but it's unlikely that the majority of miners, which are in China and Russia, will play along so BTC might end up being forked again. That said, carbon neutral blockchains appear to be doing well because they are associated/partnered with large organizations like the WEF and others, so it makes sense to invest in projects like Celo, XRP, and CNDL that are involved in creating the new carbon credit blockchain standards.

[TheUltraElite]

I am watching with concerns the development of climate change and global warming. While I believe that cryptocurrencies make only a small contribution, even many small things add up to a large number.

Climate change has been used as a scapegoat to defame a number of things, whatever you might believe, other power sources are not that "green" as we think them to be. The carbon footprint of cars and vehicles are way more than what bitcoin mining produces. Hence this topic has been debunked a number of times, but it keeps coming back.

Bitcoin consumes a lot of power and I don't know if that can change. What do you guys think? As far as I understand, the trust in Bitcoin is mainly due to the proof of work mechanism. And with this, the high power consumption is probably inseparable?

The power consumed in mining would be much higher with a banking and the rest of the transactions in the world. There are so many graphs from legitimate sources available on the internet to prove this.

https://cointelegraph.com/news/new-research-bitcoins-carbon-footprint-lower-than-previously-thought

I'm considering investing more in altcoins based on proof of stake or proof of personhood. What do you think are the advantages and disadvantages?

Bullshit, PoW is the only thing that investors should put money in. Just because PoS does not use energy to that extent as PoW, does not mean it is profitable and neither is it good for the long term in your portfolio.

Dont think about what carbon footprint you are ending up generating. It is an inevitable process that you cannot stop so stop bothering about it.

[schupp]

I don't think it's that easy to say what exactly investors should put their money into. The world has been and is currently being shaken by a number of crises. And crises often lead to change. I don't know what the situation is with energy prices in the countries where you live. But in our country, the prices for heating and electricity are rising very sharply at the moment. This is forcing a lot of people to save energy, whether they want to or not. That probably won't affect miners in China or Russia much. But I don't think it's fair if not everyone has the same opportunities to participate.

Controll of the network lies with it's holders unlike in Bitcoin where owners of large mining farms decide what proposals should be accepted.

This is exactly what I see as the problem with Proof of Work Blockchains. Individual miners, especially if they live in countries with expensive energy prices, are disadvantaged. Personally, I think that wealth and power should be distributed more fairly than is currently the case globally.

Fortunately for me I hold both so it's not a big deal but it's a shame when good projects fail to bring adoption.

I also have a broad portfolio and look forward to what the future holds. However, like you, I would be happy to see previously undervalued cryptocurrencies, whose potential I believe in, increase in value and importance!

ADA was my favourite crypto currency,which give huge strength to the investors.It give us good profit at all the stages of the pump.We never fear or worry about the current price of the ADA.Surely all this will recover to the good potential.When the people had their strong holding the ADA,it was assured to get enough profit from their investments in longer period.

I also invested quite a bit in Cardano last year and hold my coins. I don't believe in selling out of panic. But I personally only invest money in cryptocurrencies that I don't need immediately. So I can wait reasonably calmly to see how the prices develop. And I am also confident that they will recover sooner or later.

I saw a statistic a few months back that said that bitcoin mining consumed more electricity than the whole country of Ukraine and this was before the war in the Ukraine started of course. Given the fact that Ukraine is a pretty big country with a population of more than 40 million people i was really surprised about this fact and this is definitely something that is not good for the public opinion about Bitcoin and cryptocurrencies in general. I think that a proof of stake mechanism can be or even is already just as safe as a proof of work mechanism like bitcoin has it because there big mining companies also have a lot of power of the network.

I also find this idea of high energy consumption frightening. But I can understand when other people come to different conclusions. Ultimately, everyone has to make the investment decisions that they think are right and promising.

[vanesha]

I think energy-efficient cryptocurrencies are just opinion or talk. So far what they say green energy has never been one that they have managed to just dissipate. In fact, in some time I have never seen a project that develops green energy or environmentally friendly energy for cryptocurrencies. The fact is that cryptocurrencies that are environmentally friendly and energy efficient have not yet been discovered.

[Fretum]

I think energy-efficient cryptocurrencies are just opinion or talk. So far what they say green energy has never been one that they have managed to just dissipate. In fact, in some time I have never seen a project that develops green energy or environmentally friendly energy for cryptocurrencies. The fact is that cryptocurrencies that are environmentally friendly and energy efficient have not yet been discovered.

But it shows that the problem has been recognized. Even if you only talk about it, it brings a lot. At some point, the point comes where just talking is no longer enough and action must follow. Without talking about it, it does not come to this point.
Why should you develop green energy only for cryptocurrencies?
The problem is the high energy consumption and the environmental damage caused by the production of the energy. Who consumes the energy is beside the point - the energy is consumed. Cryptocurrencies are just a consumer here. From my point of view, not an important one. That is why it is even more important to save energy here otherwise the energy consumption does not justify the benefit of cryptocurrencies. If I want further development of cryptocurrencies, these problems must be rectified.
With Idena, it is an attempt to reign on these problems. It consumes less energy. Is decentralized and more democratic because each person has a voice.
If we focus purely on energy consumption, why don't you see Idena as an improvement?

[schupp]

Of course, there are no cryptocurrencies that do not consume energy. But there are blockchains that consume more energy. And others that are more energy efficient. Everyone has to research the different advantages and disadvantages for themselves and then draw their own conclusions.

No one has to buy cryptocurrencies. And the buying decisions change the prices and the supply. I'm optimistic that demand will take care of that in the long run. And cryptocurrencies, which I believe can be the next big thing because they have the potential to be a gamechanger, also have a strong community that continues to develop and improve the project. As a result, there are also no perfect cryptocurrencies. But there are those that are constantly improving. And more is simply not possible.

Thank you for all the opinions and views that have been gathered here!