As Tesla released its statement, Bitcoin, Ether, and a large segment of altcoins have sold off heavily, but a few projects have found smart ways to take advantage of the chaos by tweeting about the ‘green’ nature of their networks that don’t require only a tiny fraction. of the energy needed to maintain the Bitcoin network.
Three of the biggest beneficiaries of the focus on energy consumption are Hedera Hashgraph (HBAR), Nano (NANO) and Energy Web Token (EWT). Each posted double-digit gains on May 13, while a majority of the cryptocurrency market is in the red.
HBAR / USDT
Hedera Hashgraph is a public network that was designed to be a fairer and more efficient system that seeks to overcome some of the limitations of previous generation blockchain platforms that struggle with slow performance and instability.
The network received support from an unlikely source on May 13 as Deepak Chopra, a well-known spiritual teacher and advocate for meditation, responded directly to Musk’s tweet about stopping Bitcoin payments by discussing the nature low-energy HBAR.
Elon, @Hedera is the public network on which to build your sustainable future. Their network consumes only .0001 Kwh!
Our mission is to build a peaceful, just, sustainable, healthy and happy world… Partners @Tesla @spaceX – Hello the future!
⚡️ $ HBAR pic.twitter.com/46AiwRGzMg
– Deepak Chopra (@DeepakChopra) May 13, 2021
Further exploration of the project’s Twitter feed shows a litany of posts from various community members and project developers showing the low energy cost of the Hedera grid. This activity coincides with the May 13 surge in its price from a low of $ 0.226 to an intraday high of $ 0.41.
NANO / USDT
A second protocol that has jumped on the wave of green energy initiated is Nano, a lightweight cryptocurrency designed to offer secure and near instant payments at no cost.
The project, along with members of its community, was quick to highlight Nano’s status as “one of the leading energy efficient and environmentally friendly cryptocurrencies of 2021”, which may have contributed to to propel the token price by 121% on May 13 from a low of $ 8.00 to a 3-year high of $ 17.71.
EWT / USDT
Energy Web Token is a more obvious beneficiary of the refocus on environmental concerns as it is the operational token behind Energy Web Chain, a blockchain protocol designed to facilitate the development of applications for the energy sector.
Although the project does not specifically focus on payments, the protocol virtual machine has the potential to revolutionize the energy industry as it is geared towards network operators, software developers and vendors.
The project responded to Musk’s recent announcement with the following tweet touting the protocol’s ability to decarbonise the global energy sector.
This week @Tesla $ BTC the ad is bigger than #crypto and bigger than # electric vehicles, because it is BOTH. With $ EWT, the #EnergyWeb technology stack, and the @CryptoClimAcc, we can #makecryptogreen while decarbonizing the global energy sector. You inside, @Elon Musk?
– Energy web (@energywebx) May 13, 2021
The EWT rebounded 75% from a low of $ 13 at the end of May 12 to an intraday high of $ 22 before profit taking pushed the price back below $ 18.
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