When the first cryptocurrency was introduced in 2009, it aimed to transform the concept of money, eliminating the need for intermediaries such as banks for transactions. At first, the idea was dismissed as impractical and unreliable. Yet, when early adopters began reaping significant profit, people’s perception started to shift. In fear of missing out, many rushed to mining, often without realizing the environmental damage it causes to the planet.
Today, the debate around sustainability is reshaping the industry, forcing crypto miners and investors to seek alternatives. To provide a viable option to this next generation of eco-conscious investors, John Ortmann and his team have launched a new sustainable cryptocurrency, Bitcoin.ℏ.
Cryptocurrencies are decentralized digital assets built on the blockchain. Unlike traditional money, these cryptocurrencies have no centralized authorities, similar to banks, to oversee the operations. Hence, to avoid double-spending, increase security and integrity, cryptocurrencies built consensus protocols to validate transactions. One of them is the Proof of Work (PoW) method. In this, participants are encouraged to solve complex mathematical puzzles to validate transactions on the blockchain in exchange for a tiny fraction of the cryptocurrency as a reward. This computationally intensive process is also known as mining.
Though mining ensures transactions are transparent and accurate, it also causes irreversible environmental damage to the planet. Reports state that in 2023 alone, the most resource-intensive cryptocurrency consumed 154.9 billion kilowatt hours(kWh) of electricity, exceeding the energy consumption of 167 countries combined. This escalating demand for energy has intensified the world’s quest for a sustainable solution.
John Ortmann was among those who were determined to address these challenges. With his team, he was eagerly researching to develop a one-stop solution to address all crypto-related concerns, from energy consumption to transparency and security. In 2024, Ortmann and his team introduced Bitcoin.ℏ as an alternative to traditional cryptocurrencies. “We want to give people an opportunity for growth that does not destroy the planet in the process,” says John Ortmann, Member of Bitcoin HT LLC.
Though the name of this new entrant mirrors an already established cryptocurrency in the market, Ortmann was quick to clarify that Bitcoin.ℏ is not pegged, forked, or bridged to any traditional cryptocurrencies. “I would say, we are common sense cryptocurrency. We are not associated with any cryptos that still rely on the energy-consuming PoW method,” says Ortmann.
When Bitcoin.ℏ (BTC.ℏ) was minted, the creators deliberately avoided generating supply keys, ensuring supply can not exceed 21 million BTC.ℏ. At the same time, BTC.ℏ is divisible up to eight decimal points (0.00000001), with the smallest unit of BTC.ℏ known as Satoshi. This structure enables microtransactions, making the token convenient for users to spend on anything from everyday purchases to charitable donations.
Unlike traditional cryptocurrencies, Bitcoin.ℏ is not built on a conventional blockchain. Instead, its creators chose Hedera Hashgraph, a sophisticated distributed ledger technology (DLT), designed with sustainability in mind. Unlike blockchains that operate through anonymous decentralization, Hedera is decentralized yet governed by institutions across the globe. This organisation structure adds a layer of credibility to the tokens built on the platform. “We have a 39-member governing council. It is one of the most unique features of the Hedera,” says Ortmaan.
Bitcoin.ℏ uses the Hashgraph consensus algorithm on Hedera that leverages the ‘gossip about gossip’ protocol and virtual voting to execute transactions. While blockchains use sequential blocks, Directed Acyclic Graph(DAG) technology on Hashgraph allows it to execute parallel transactions, enabling a high number of transactions per second. All these features are reflected in Bitcoin.ℏ, making it fast and secure.
Another important factor that makes Bitcoin.ℏ stand out is its fixed transaction fee model. While most sustainable cryptocurrencies that employ Proof of Stake consensus protocol do not set a fixed price for transactions, Bitcoin.ℏ allows users to execute any transaction at a constant cost of 0.001 USD. As a result, the transaction fee does not fluctuate based on network congestion, unlike many other cryptocurrencies.