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One Bitcoin transaction produces as much E-Waste as two iPhone 12 minis

Image of iPhone12 mini

 
A single transaction of cryptocurrency Bitcoin produces the same amount of E-Waste (electronic waste) as throwing two iPhones in the trash, according to a study by the Bank of the Netherlands and the Massachusetts Institute of Technology (MIT). became.

Miners replace mining devices in 1.29 years on average

Bitcoin’s carbon footprint (how much greenhouse gas emissions it leads to) has been well studied, but less attention has been paid to the huge exchange of computer hardware caused by cryptocurrencies.
 
In the early days of Bitcoin, there was no competition between miners, so a general PC CPU was sufficient, but as new miners competed for block rewards, mining hardware gradually evolved. Eventually, application-specific integrated circuits (ASICs) created for Bitcoin mining from the beginning began to be used.
 
As Bitcoin mining hardware continues to evolve day by day, Alex de Fries, who researched that “miners will replace mining devices on average in 1.29 years” to earn more block rewards. (Bank of the Netherlands) and Christian Stall (MIT) wrote in the treatise.
 
Therefore, it is said that it produces 30.7 km2 of E-Waste annually to maintain the entire Bitcoin network.
 
In 2020, 112.5 million transactions were made on the Bitcoin network, which is a calculation that leads to 272 grams of E-Waste per transaction, which weighs about the weight of two iPhone 12 minis. Equivalent.

Hardware can only be used for mining

E-Waste is a major problem for cryptocurrencies only because the ASICs used for mining perform the operations required to generate new Bitcoin blocks (hardware and software components). Because it is pre-designed and optimized, it cannot be used for any purpose other than mining.
 
As Bitcoin prices rise, block rewards become even more attractive, encouraging shorter-span hardware replacements.
 
The treatise states that it is desirable to replace the Bitcoin network with a more sustainable “Proof of Stake (PoS)” instead of the traditional Proof of Work.
 
Ethereum, known as the successor to Bitcoin, announced plans to move to PoS within a few months in May this year, but it is reported that the switch has not yet taken place.
 
 
Source: Bitcoin’s growing e-waste problem / Resources, Conservation and Recycling via The Guardian, Markets Insider, coindesk JAPAN
(lexi)

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