- New cryptocurrency platform Bitcoin.ℏ claims to offer a sustainable alternative to traditional Bitcoin mining.
- Bitcoin.ℏ runs on the Hedera hashgraph ledger, which requires much less energy than Bitcoin’s proof-of-work system.
- Bitcoin.ℏ can process up to 10,000 transactions per second, compared to Bitcoin’s 7 per second.
- Mining Bitcoin uses over 700 kilowatt-hours per transaction, while Bitcoin.ℏ only uses about 0.000003 kWh, according to a recent report.
- Some investors are optimistic about the new platform, while others remain skeptical of its long-term role in the cryptocurrency industry.
A new digital currency called Bitcoin.ℏ is positioning itself as a cleaner and more energy-efficient alternative to traditional Bitcoin. The platform, which operates on the Hedera Hashgraph network, is designed to address environmental concerns linked to the heavy electricity use of standard Bitcoin mining.
A recent CoinGape report describes Bitcoin.ℏ as “a green, quantum-resistant replacement for Bitcoin” that tries to solve blockchain’s sustainability problem. Unlike Bitcoin, which relies on miners using specialized computers to process transactions and mint new coins, Bitcoin.ℏ uses Hedera’s energy-efficient technology that requires no mining at all. Each transaction on Bitcoin.ℏ uses only about 0.000003 kilowatt-hours (kWh) of electricity, compared to Bitcoin’s estimated 703 kWh per transaction.
According to CoinGape, Bitcoin.ℏ can process about 10,000 transactions every second. By comparison, traditional Bitcoin handles only about 7 transactions per second, as reported by Tokenview.io. In addition, Bitcoin.ℏ emphasizes security features and claims to be resistant to future quantum computing threats.
Online discussions reveal mixed reactions. Some users on Reddit are hopeful about the project’s environmental benefits. One user wrote, “Would the world be better if everything used less electricity? Yes. Hedera uses the least electricity per transaction, 800 transactions can be done using the same amount of electricity VISA uses doing only one, lonely transaction.” Others caution that Bitcoin.ℏ carries the risks common with any new technology, stating, “Only invest what you can afford to lose. To me, it looks like someone is genuinely trying, and that’s a positive sign.”
The high energy cost of Bitcoin mining remains a major concern. As noted by NerdWallet, global Bitcoin mining operations use more electricity than some small countries and generate about 65 megatonnes of carbon emissions per year. In response to this, some Bitcoin mining companies are turning to renewable energy sources. For example, Mara Holding recently acquired a wind farm in Texas to supply power for its data centers.
The cryptocurrency sector is gradually adopting more sustainable practices. Ethereum recently switched to a “proof-of-stake” system, reducing its energy use by more than 99%. However, even established platforms like Ethereum face challenges gaining market share after such major changes.
While Bitcoin.ℏ offers a low-energy option for digital transactions, it remains to be seen if it will gain the scale or trust enjoyed by established players like Bitcoin and Ethereum.
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