Tesla’s call to stop Bitcoin payments lit an inexperienced energy discussion that sent the value of low energy consumption protocols like NANO, HBAR and EWT higher.
After months of touting the advantages of Bitcoin (BTC) and blockchain technology, Tesla business executive Elon Musk appalled the crypto Twitter on May 13 by saying that the electrical auto company would suspend its acceptive BTC as a style of payment, citing issues associated with the energy needed to mine the highest cryptocurrency.
As Tesla issued its statement, Bitcoin, Ether and an oversized section of altcoins sold off sharply however there have been a couple of comes that found clever ways that to capitalize off the mayhem by tweeting regarding the ‘green’ nature of their networks that need solely a small fraction of the energy needed to take care of the Bitcoin network.
Three of the largest beneficiaries of the main target on energy consumption are Hedera Hashgraph (HBAR), Nano (NANO) and Energy internet Token (EWT). every experienced double-digit gains on May 13, whereas a majority of the cryptocurrency market is within the red.
Hedera Hashgraph may be a public network that was designed to be a fairer, economical system that seeks to beat a number of the constraints of earlier-generation blockchain platforms that struggle with slow performance and instability.
The network received support from AN unlikely supply on May 13 as Deepak Chopra, a well known non secular teacher and meditation advocate, responded to Musk’s tweet regarding discontinuing Bitcoin payments by discussing the low energy nature of the HBAR.
Further exploration of the project’s Twitter feed shows a litany of posts from numerous community members and project developers displaying the low energy value of the Hedera network. This activity coincides with the May 13 spike in its value from an occasional of $0.226 to AN intraday high of $0.41.
A second protocol that has jumped on the inexperienced energy wave initiated is Nano, a light-weight cryptocurrency designed to supply secure, near-instant payments with zero fees.
The project, alongside members of its community, was fast to focus on Nano’s standing as “one of the leading energy-efficient and eco-friendly cryptocurrencies of 2021” which can have helped propel the tokens value 121% on May 13 from an occasional of $8.00 to a 3-year high at $17.71.
Energy internet Token may be a lot of obvious beneficiary of the refocus on environmental issues because it is the operational token behind Energy internet Chain, a blockchain protocol designed to facilitate application development for the energy sector.
While the project doesn’t focus specifically on payments, the protocol’s virtual machine has the potential to revolutionize the energy sector because it is destined toward grid operators, package developers and vendors.
The project tried and true the recent announcement from Musk with the subsequent tweet touting the protocol’s ability to take the world energy sector.
EWT rallied 75% from an occasional $13 late May 12 to AN intraday high at $22 before profit-taking pushed the value back below $18.