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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

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    Nigeria’s C&I Leasing Plc to invest in Leasafric Logistics Ghana

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    Consolidated Hallmark Holdings Plc declares 10 kobo interim dividend for H1 2025

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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5 Crypto Tokens that claim to be environmentally friendly – ETHER, DOGE, XRP, DOGE, CHIA

Saturday, 15 May 2021, 9:11 am
in Cryptocurrencies, Markets
0
5 Crypto Tokens that claim to be environmentally friendly – ETHER, DOGE, XRP, DOGE, CHIA
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With the Crypto market still reeling from the shock news from Eon Musk and Tesla that the electric car maker will no longer be accepting Bitcoin as payment, because its “insane” energy use threatens the environment, we look at some possible greener option for Musk and Tesla.

Elon Musk in the tweet announced that Tesla is weighing up other cryptocurrencies that use less energy.

Bitcoin mining, 70% of which is done in China, a country where coal power dominates, uses more energy each year as Netherlands did in 2019, according to Cambridge University researchers and the International Energy Agency.

  • Read also; Gernot Rohr Submits Provisional List for Cameroon Friendly

What are the option available for Elon Musk and Tesla in their quest for cryptocurrencies with better environmental footprint? According to Katherine Woller, managing director at retail crypto exchange while speaking to Business insider;

With over 9,500 other cryptocurrencies available, Elon Musk has a plethora of options from which to choose.

Here are five Elon Musk is mostly likely to consider according to Business Insider.

Ether

This is the second-biggest cryptocurrency after bitcoin, with its blockchain Ethereum using the same “proof of work” mining and security system as bitcoin.

The token with a market value of more than $400 billion, is incredibly energy intensive to mine, involving huge numbers of computers solving puzzles to keep the network secure.

Why is Ether as option then if it uses the same “proof of work” as Bitcoin?

The Ethereum blockchain is set to move to a “proof of stake” system, according to Ethereum developers, which will be far less energy intensive.

The Proof of Work vs Proof of Stake argument is a long one, and for the purposes of this article, we will only attempt to state the difference between the two.

Proof of work requires all of its miners to attempt to solve a complex sum, with the winner determined by the person who has the most powerful/quantity of hardware devices.

Proof of stake model randomly chooses the winner based on the amount they have staked.

The change in ether is not set to take place until the end of this year or early 2022.

Cardano

Cardano is a blockchain network, running the cryptocurrency ada, that already use a proof of stake system.

This means users of the network validate transactions and get rewarded with cryptocurrency according to the number of coins they hold and are willing to offer as a sort of down payment.

Cardano uses a tiny fraction of the energy of bitcoin, at 0.55 kilowatt hours per transaction, compared to bitcoin’s 707 KWh, according to internet infrastructure firm TRG Datacenters.

XRP

XRP is the least environmentally damaging cryptocurrency, according to TRG, using 0.0079 KWh of energy per transaction.

The cryptocurrency, associated with development firm Ripple, is the seventh-biggest.

Chia

Chia is a new “green” cryptocurrency which started trading in early May. It was created by Bram Cohen, the inventor of BitTorrent, and uses what’s called “proofs of space and time” system.

Its creator says people farm, rather than mine, the cryptocurrency.

Dogecoin

Elon Musk has often hyped the cryptocurrency, which was started as a joke and is based on an online dog meme.

If his recent tweets are anything to go by, Elon may be positioning to have Tesla accept Dogecoin for payment. We leave these tweets for you to read and decide for your self.

Do you want Tesla to accept Doge?

— Elon Musk (@elonmusk) May 11, 2021

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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