Cardano co-founder Charles Hoskinson said it is 1.6 million times more energy efficient than Bitcoin.
After this week’s major market correction, the cryptocurrency market, especially altcoins, has rebounded strongly. Earlier today, the price of Cardano (ADA) skyrocketed to its new high of $ 2.18. ADA’s valuations reached $ 70 billion, making it the fourth largest cryptocurrency in unsettling Dogecoin market capitalization (DOGE)
ADA price changes
The ADA’s performance in 2021 surprised investors in cryptocurrencies. The ADA price increase for 2021 was even greater than the altcoin Ethereum (ETH). The price of ADA has appreciated almost 13 times, registering a massive return of 1200% in the year. On the other hand, Ethereum the accumulated earnings of the company are at 450%.
Cardano has been undergoing major network developments in recent months. Its Proof-of-Stake consensus engine makes it more efficient than its Proof-of-Work peers, such as Bitcoin (BTC) and Ethereum (ETH). In a interview conducted last month with Forbes, Charles Hoskinson, co-founder of Cardano’s controlling group, Input-Output Global (IOG), said Cardano is 1.6 million times more energy efficient than Bitcoin. He added:
The advantage of Proof-of-Stake is that since you don’t have that gigantic overhead and energy spent deciding who can block, it means that you can put a lot of your magic into the other two stages. Thus, you end up getting much lighter and much more energy efficient protocols. Cardano, for example, is 1.6 million times more energy efficient at the moment than bitcoin.
After Elon Musk’s Tesla abandoned Bitcoin (BTC) payments citing concerns about energy use, Cardano’s father IOHK took the opportunity to make a subtle proposal.
“Energy inefficiency is built into bitcoin’s DNA” – @IOHK_Charles is in @Independent commenting on bitcoin’s energy usage. #Cardano uses, and will only ever use, the equivalent energy of a family home. Read more here #cryptocurreny @adamndsmith https://t.co/mEE1mTJOYE
– IOHK Media (@IOHKMedia) May 13, 2021
“Energy inefficiency is embedded in bitcoin’s DNA” – @IOHK_Charles is on @Independent commenting on bitcoin’s energy use. # Cardano uses, and will only use, the equivalent energy of a family home. Read more here #cryptocurreny @adamndsmith
In addition, Cardano has made major inroads in African countries like Tanzania and Ethiopia to establish a blockchain-based infrastructure. The Cardano infrastructure will help to form digital identities based on blockchain, mobile internet connections and educational infrastructure.
Bitcoin (BTC) struggles to exceed $ 50,000
After falling below $ 50,000 and losing its trillion dollar status, Bitcoin (BTC) remains under pressure. Bitcoin (BTC) dominance in the market has dropped to 40%. To date, Bitcoin (BTC) is trading 2.59% below, at a price of $ 49,003, with a market capitalization of $ 908 billion.
Although most altcoins recovered after this week’s crash, Bitcoin is struggling to rise again. The recent fall of Tesla Inc’s Bitcoin has caused other giants to rethink their adoption. However, although Tesla canceled Bitcoin payments, it maintains a large amount of BTC that it purchased from its reserve box.
The company said it continues to believe in the future of Bitcoin and thinks it has a bright future. However, he added that Tesla will be open to considering other cryptocurrencies that consume <1% of the energy / BTC transaction.