Cryptocurrencies make use of totally different consensus protocols to confirm transactions. Whereas the “proof-of-work” consensus protocol is essentially the most energy-consuming protocol, “proof-of-stake” and the hybrid of those two consensus protocols, which devour significantly much less vitality, have additionally been launched. We make use of portfolio evaluation to discover whether or not vitality is a basic financial issue affecting cryptocurrency costs. Surprisingly, our outcomes recommend that, on common, cryptocurrencies using proof-of-work consensus protocols don’t generate returns which are considerably totally different from those who incorporate proof-of-stake consensus protocols. Much more shocking is that our outcomes present that cryptocurrencies that incorporate the hybrid model of those consensus protocols generate considerably increased common returns than the opposite teams. A doable rationalization for this phenomenon could also be that the cryptocurrency market continues to be pushed by the belief issue reasonably than the vitality issue.