“Green Energy Tokens” take advantage of Tesla’s decision to no longer accept Bitcoin payments

After months of promoting the benefits of Bitcoin (BTC) and the Blockchain technology, the CEO of Tesla, Elon Musk surprised everyone on Twitter on May 12 by announcing that the electric car company would no longer accept BTC as a form of payment, citing concerns about the energy required to mine the cryptocurrency.

When Tesla made his statement Bitcoin, ether and a handful of altcoins fell dramatically. However, there have been some projects that found clever ways to take advantage of the chaos by tweeting about the “green” nature of their networks and using only a small fraction of the energy it would take to maintain the Bitcoin network.

1-hour chart of the HBAR / USDT, NANO / USDT, EWT / USDT pairs. Fountain: TradingView

Three of the biggest beneficiaries of the focus on electricity usage are Hedera Hashgraph (HBAR), Nano (NANO) and Energy Web Token (EWT). Everyone saw double-digit gains on May 13th while most of the crypto market is in the red.

HBAR / USDT

“Green Energy Tokens” take advantage of Tesla’s decision to no longer accept Bitcoin payments
“Green Energy Tokens” take advantage of Tesla’s decision to no longer accept Bitcoin payments

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 poor performance and instability.

The network received support from an unlikely source on May 13 when Deepak Chopra, a well-known spiritual teacher and defender of meditation, Responded directly to Musk’s tweet about canceling Bitcoin payments by discussing HBAR’s low power nature.

A closer look at the project’s Twitter account reveals a lot of contributions from various community members and project developers, proving the low energy consumption of the Hedera network. This activity coincides with the price spike on May 13, which rose from a low of $ 0.226 to an intraday high of $ 0.41.

NANO / USDT

A second log that has jumped on the green energy wagon is Nano, a convenient cryptocurrency that offers secure and almost instant payments with no commissions.

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

4-hour chart of the NANO / USDT pair. Fountain: TradingView

EWT / USDT

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

Although the project does not specifically focus on payments, the protocol’s virtual machine can revolutionize the energy industry and target utility operators, software developers and providers.

The project responded to Musk’s recent announcement with the following tweet promoting the protocol’s ability to decarbonise the global energy sector.

EWT rose 75% from a low of $ 13 in late May 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 trade movement is associated with risks. You must do your own research when making a decision.

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