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What is the ZeCoin?

The ZeCoin is a form of decentralized digital currency. Like its predecessors, BitCoin and LiteCoin, ZeCoins can be exchanged directly from person to person through the internet. Collectively, these coins are known as cryptocurrencies.

What sets the ZeCoin apart from the rest?

BitCoins and other existing digital coins can be generated online by anybody through a process called ‘mining.’ Mining is made possible by running an application that is designed to mine a particular coin. Anybody can mine coins either by using a home computer or by using a task-specific device, such as a computer that uses an ASIC (Application-Specific Integrated Chip) system.

Both methods are exhaustive and require a lot of power in order to sustain the mining operation. As the miners run 24/7, these require constant cooling as continuous operation can generate a lot of heat, which can ultimately ruin the hardware. Once the hardware is ruined, the miner is technically rendered useless and is often discarded. On average, it costs more than 480 USD in electricity to mine a single block. This translates to around 0.32 metric tons of CO2 per block (citations).

Let’s put that into perspective: A family in Canada releases an average of 4 tons of carbon in the atmosphere every year. The carbon footprint for the BitCoin alone is around 4,225 times that volume (citations). Combined with the other cryptocurrencies, it would amount to over 30,000 tons annually. That’s an exponentially growing stressor on the environment on top of the known causes of global warming, when you think about it.

The ZeCoin differs from other digital currencies in that it offers people a chance to mine using more environment-friendly methods. It does not require a person to invest in technology and use extreme amounts of power in order to mine.

A person can mine a ZeCoin in several ways:

  • Through a point system for money given to environmental organizations
  • Through rewards for innovations for environmental projects
  • Through volunteering for environmental projects
  • Hash mining for mathematical problems that are related to ecological preservation or advancements in the field of medical science.

Also, by mining ZeCoin, people can, at the same time, contribute to environmental causes by financing eco-organizations and projects that help advance scientific development.