Green energy tokens benefit from Tesla’s decision not to make Bitcoin payments

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After months of touting the benefits of Bitcoin (BTC) and blockchain technology, Elon Musk, CEO of Tesla, shocked crypto Twitter on May 12 by announcing that the electric car company was citing the acceptance of BTC as payment Exposing concerns related to the energy going to be required to mine the top cryptocurrency.

By the time Tesla issued its statement, Bitcoin, Ether, and a large portion of the altcoins were selling heavily, but there were some projects that found clever ways to capitalize on the chaos by tweeting about the “green” nature of their networks, which are just need a tiny fraction of the energy needed to run the Bitcoin network.

HBAR / USDT vs. NANO / USDT vs. EWT / USDT 1-hour chart. Source: TradingView

Three of the biggest beneficiaries of the energy consumption focus are Hedera Hashgraph (HBAR), Nano (NANO), and Energy Web Token (EWT). Everyone saw double-digit gains on May 13th as much of the cryptocurrency market is in the red.

HBAR / USDT

Hedera Hashgraph is a public network designed as a fairer and more efficient system to overcome some of the limitations of previous generation blockchain platforms that have struggled with slow performance and instability.

The network received support from an unlikely source on May 13 when Deepak Chopra, a noted spiritual teacher and meditation advocate, responded directly to Musk’s tweet about the suspension of Bitcoin payments by discussing the low-energy nature of the HBAR.

Further research on the project’s Twitter feed reveals a variety of posts from various community members and project developers depicting the low energy costs of the Hedera network. This activity coincides with the May 13 price surge from a low of $ 0.226 to an intraday high of $ 0.41.

NANO / USDT

A second protocol that jumped on the initiated green energy wave is Nano, a lightweight cryptocurrency that offers secure, near-instant payments with no fees.

The project, along with members of its community, quickly highlighted Nano’s status as “one of the leading energy-efficient and environmentally friendly cryptocurrencies of 2021,” which may have helped push the token price from a low of 121% to 121% on May 13th lower $ 8.00 to a 3 year high of $ 17.71.

NANO / USDT 4 hour chart. Source: TradingView

EWT / USDT

Energy Web Token is a more obvious beneficiary of the environmental reorientation as it is the operational token behind Energy Web Chain, a blockchain protocol designed to facilitate application development for the energy sector.

While the project doesn’t specifically focus on payments, the protocol’s virtual machine can revolutionize the energy sector as it is aimed at 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.

EWT rose 75% from a low of $ 13 on late May 12 to an intraday high of $ 22 before profit-taking pushed the price back below $ 18.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.