Tesla’s decision to suspend Bitcoin payments sparked a debate over green energy that raised the price of low-power protocols such as NANO, hbar and EWT.
After months of promoting the benefits of Bitcoin (BTC) and blockchain technology, Tesla CEO Elon Musk surprised crypto Twitter on May 12 by announcing that the electric car company would suspend its acceptance of BTC as a form of payment, citing energy-related concerns. required to undermine the major digital currency.
When Tesla issued its statement, Bitcoin, Ether and a large segment of altcoins were drastically sold, but there were some projects that found clever ways to capitalize on the chaos by tweeting about the ‘green’ nature of their networks requiring only a small fraction. of the energy needed to maintain the Bitcoin network.
1 hour chart of hbar / USDT versus NANO / USDT versus EWT / USDT. Source: TradingView
Three of the biggest beneficiaries of the energy consumption approach are Hedera Hashgraph (hbar), Nano (NANO) and Energy web Token (EWT). Each experienced double-digit gains on May 13, while most of the digital currency 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 when Deepak Chopra, a well-known spiritual master and advocate of meditation, responded directly to Musk’s tweet about the interruption of Bitcoin payments when discussing the low energy nature of the hbar.
Elon, @Hedera is the public network on which to build your sustainable future. ‘Your network consumes only 0.001 kWh!
Our mission is to build a peaceful, just, sustainable, healthy and happy world … Let’s join @Tesla @spaceX – Hello Future!
⚡️ $ hbar pic.twitter.com/46AiwRGzMg
– Deepak Chopra (@DeepakChopra) May 13, 2021
A deeper 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 network. This activity coincides with the May 13 peak in price from a low of $ 0.226 to an intraday high of $ 0.41.
NANO / USDT
A second protocol that has joined the wave of green energy initiated is Nano, a lightweight digital currency designed to offer secure and almost instant payments with zero rates.
The project, along with members of its community, was quick to highlight Nano’s status as “one of the leading digital currencies in energy and green efficiency by 2021,” which may have helped drive the price of tokens. at 121% on May 13 from a low of $ 8.00 to a 3-year high at $ 17.71.
4-hour NANO / USDT chart. Source: TradingView
EWT / USDT
Energy Web Token is a more obvious beneficiary of refocusing on environmental concerns, as it is the operational witness behind Energy Web Chain, a blockchain protocol designed to facilitate the development of applications for the energy sector.
While the project does not specifically focus on payments, the protocol’s virtual machine has the potential to revolutionize the energy sector as it is targeted at network operators, software developers and vendors.
The project responded to Musk’s recent announcement with the following tweet promoting the protocol’s ability to decarbonize the global energy sector.
This week’s @Tesla $ BTC ad is bigger than #crypto and bigger than #electricvehicles, because it’s BOTH. With $ EWT, the #EnergyWeb and @CryptoClimAcc technology stack, we can #makecryptogreen while decarbonizing the global energy sector. Are you on @elonmusk?
– Energy Web (@energywebx) 13 May 2021
EWT recovered 75% from a low of $ 13 at the end of May 12 to an intraday high of $ 22 before profit-taking pushed the price below $ 18.
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