The decision from the electronic car making Tesla of suspending Bitcoin as a mode of payment has ignited the debate of considering green energy. After months of spelling out the benefits of Bitcoin and the associated technology, the CEO of Tesla has stated something unpleasant to the investors of the green tokens.
Green Energy Tokens HBAR, NANO, and EWT in Spotlight
CEO Elon Musk shocked the crypto market by his announcement on Twitter on May 12 mentioning that the electric car company would suspend its accepting Bitcoin as a mode of payment due to energy required for the mining of the digital currency.
It is seen that following the statement issued by Tesla, a large segment of altcoins such as Bitcoin, Ether, were sold off by the investors. However, a few projects found clever ways to capitalize off the mayhem. They tweeted about the ‘green’ nature of their networks that needs only a tiny fraction of the energy required to maintain the Blockchain network.
— Elon Musk (@elonmusk) May 13, 2021
Green Tokens as the Biggest Beneficiaries
Three of the biggest beneficiaries of the focus on energy consumption are Hedera Hashgraph (HBAR), Nano (NANO), and Energy Web Token (EWT).
Hedera Hashgraph (HBAR) is a public network that has an efficient system that aims to a transparent while seeking to overcome the limitations of earlier-generation blockchain platforms, that are crawling with slow performance and instability.
The Twitter feed shows a further exploration of the projects. A litany of posts from various community members and project developers were displayed declaring the low energy cost of the Hedera network.
The second protocol that has bounced in amid the green energy wave initiated is NANO. It is a lightweight cryptocurrency that aims to offer secure, near-instant payments with zero fees.
The project design is quick to highlight NANO’s status as:
“One of the leading energy-efficient and eco-friendly cryptocurrencies of 2021.”
The tokens price surged 121% on May 13 from a low of $8.00 to a 3-year high at $17.71.
Energy Web Token is a more obvious beneficiary that focuses on the environmental concerns as the token is operational behind Energy Web Chain. This blockchain protocol is designed to assist application development for the energy sector.
The following tweet came from the project side in response to the announcement of Musk.
“EWT rallied 75% from a low of $13 late on May 12 to an intraday high at $22 before profit-taking pushed the price back below $18.”