Blockchain

Green energy tokens use Tesla’s decision to reduce Bitcoin payments

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After months of touted, the benefits of Bitcoin (Bitcoin) And blockchain technology, Tesla CEO Elon Musk shocked the global cryptocurrency Twitter on May 12, announcing that electric car companies will suspend accepting BTC as a payment method, citing the top mining Concerns about the energy required for cryptocurrency.

When Tesla issued a statement, Bitcoin, Ether and most altcoins fell sharply, but some projects found clever ways to introduce the “green” nature of their network through tweets, thereby gaining from the chaos. Profit, only a small part of the energy required to maintain the Bitcoin network is required.

HBAR / USDT vs. NANO / USDT vs. EWT / USDT 1-hour chart. source: Transaction view

The three biggest beneficiaries of energy consumption are Hedera Hashgraph (HBAR), Nano (NANO) and Energy Web Token (EWT). Everyone experienced double-digit gains on May 13, and most of the cryptocurrency markets were losing money.

HBAR / USDT

Hedera Hashgraph is a public network that aims to be a fairer and more efficient system that seeks to overcome some of the limitations of the low-performance and unstable previous-generation blockchain platforms.

The network received support from unlikely sources on May 13. The well-known spiritual mentor and meditation advocate Deepak Chopra directly responded to Musk’s tweet about the suspension of Bitcoin payments by discussing the low-energy nature of HBAR.

Further exploration of the project’s Twitter feed revealed that a large number of posts from various community members and project developers showed the low energy cost of the Hedera network. This activity coincided with the peak of the price on May 13 from a low of $0.226 to an intraday high of $0.41.

Nano/USDT

The second protocol that triggered the wave of green energy is Nano, a lightweight cryptocurrency designed to provide secure, near-instant payments at zero fees.

The project and its community members quickly emphasized Nano’s status, calling it “one of the leading energy-saving and environmentally friendly cryptocurrencies in 2021,” which may help push the price of the token up from its May 13 low 121 %. It rose from US$8.00 to a 3-year high of US$17.71.

NANO/USDT 4-hour chart. source: Transaction view

EWT / USDT

Energy Web Token is a more obvious beneficiary of renewed attention to environmental issues because it is the operational token behind Energy Web Chain, which is a blockchain protocol designed to promote application development in the energy industry.

Although the project is not specifically aimed at payment, the virtual machine of the agreement is for grid operators, software developers and suppliers, so it may change the energy industry.

The project responds to Musk’s recent announcement, and in subsequent tweets praised the agreement’s ability to decarbonize the global energy sector.

EWT rose by 75% from its low of $13 late on May 12 to an intraday high of $22, and the subsequent profit settlement brought the price back to below $18.

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