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Why This Crypto Is Up More Than 70% While Others Are Plummeting

May 13, 2021 5:42 pm
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Why This Crypto Is Up More Than 70% While Others Are Plummeting

Elon Musk announced on Wednesday that Tesla Inc (NASDAQ:TSLA) would no longer accept Bitcoin as a payment method for cars. The cryptocurrency market has taken a large hit, with flagships such as Bitcoin and Ethereum down more than 10% since the announcement on Wednesday.

But not all cryptos have been hit by the news.

Nano (CRYPTO:NANO), a crypto known for being energy-efficient and environmentally conscious, traded up as much as 70% at publication time. In Musk’s tweet, he cited environmental concerns as the reason Tesla would stop accepting Bitcoin as a payment.

What Is Nano? Nano runs on the Block Lattice. This allows individual accounts to control their own blockchain. In this regard, Nano is very decentralized, making it ideal for everyday transactions.

See Also: How To Buy Nano

According to its website, the design of Nano comes with specific advantages compared to other coins. Nano was designed with these technological advancements in mind:

  • Minimal block size allows for lightweight communication resulting in ultrafast transaction confirmation times
  • Without traditional Proof-of-Work and mining, nodes use significantly less energy per transaction than other popular networks
  • Emergent centralization forces for node operators are reduced due to the near-zero marginal cost of producing consensus in Nano

According to leafscore.com, a site that tracks energy efficiency, Nano’s energy usage is much less than Bitcoin’s. Compared to 950 kWh for each Bitcoin transaction, Nano uses just 0.112 Wh.

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