The hype surrounding cryptocurrencies reached such heights that even the mainstream media found it difficult to ignore. The exponential rise of the ICO campaigns certainly grabbed the headlines, as more and more companies across the globe sought to capitalise on the newly discovered way to raise funds and attract customers to their platforms. Other hot topics included the China crisis, the infamous critique by the CEO of JP Morgan and of course the price of Bitcoin. Despite the rather mixed welcome by the financial community, the cryptocurrency overcome mini breakdowns and powered through $5,000 mark, then $10,000 before stumbling just before $20,000 level at $19,783.06 late last year.
However, in the background another hot topic was slowly brewing and that is the ever-growing energy consumption that Bitcoin mining is resulting in. Some experts suggest that Bitcoin mining is consuming more power than used by 159 countries. To put some numbers behind that, the hardware uses approximately 31 terrawatt hours of energy per year, that compares with 23TWh in Ireland and 309TWh for the whole of the UK. If that wasn’t impressive enough, analytics firm Digiconomist estimates that every Bitcoin transaction uses up enough energy to power nine home in the US for one day!
If you ever wondered how much it costs to mine a single Bitcoin, the fact of the matter is that mining is now much less profitable than at its peak, partly because of the growing difficulty to mine coins. In the US for example, country that is the 40th cheapest place to mine a bitcoin, mining costs are an average of $4,758 per coin. From this point of view, the economics certainly do not look nearly as enticing as before, which is why pool mining may be the answer to crypto investors.
Time for another approach…
However, what if there was another way – a solution that would change the way people buy and produce every day goods and services. It is easy to talk big, especially on paper but with blockchain technology, it is possible to decentralise production, logistics and payments. The result is an eco friendly decentralised cryptocurrency for everyday use and micropayments - green cryptocurrency.
The team behind Global cryptocurrency shares this vision and has successfully combined running a business with protecting nature. The emission of CO2 from energy consumed to mine coins through wallets, is neutralized by transferring the equivalent value to a GREEN WALLET which is then used to protect forests and plant new trees!
The largest part of the transaction fee: 0,040% goes to this so-called Green Wallet. Collected coins are redistributed to organisations that support environmentally friendly projects and initiatives and in the spirit of blockchain and decentralisation, these initiatives are chosen through a vote!
Eco-friendly mining might be a novel idea for large parts of the world but it needn’t to be – the team at Global cryptocurrency implemented environmentally friendly minting - instead of power and resource hungry mining. Remember that there is no guarantee of achieving coins when mining, but by minting, you can receive an attractive guaranteed % of coins you hold in your GCC wallet.