With the recent development of Bitcoin, there has been a lot of discussion about their impact on the environment.
Meanwhile, a joint study conducted by MIT and the Dutch Central Bank found that bitcoin transactions generate as much trash as electronic trash from two broken iPhones.
Of course, there have been various lessons in Bitcoin carbon footprint. However, research concludes that cryptocurrencies are less sensitive to large amounts of computer-generated waste.
The ASIC special computer chip is used to protect the Bitcoin network. When a new chip is used, computer power is more efficient, so active miners are constantly changing the chip. Also, each time a better chip is used.
The life cycle of a device used in Bitcoin mines is only about 14 months. That is why the entire Bitcoin network uses about 30.7 metric kilotons of machines each year.
This is more than the amount of electricity waste generated by information technology and communication technology in a country like the Netherlands, according to a study published in Bitcoin Growing E-Waste Problem.
By 2020 alone, the Bitcoin network had a net profit of about 112.5 million, generating 272 grams of electronic waste per transaction, equivalent to the waste of electricity generated by two iPhones, according to the study.
Another reason why cryptocurrency is linked to the environment is the ASIC chip used on it, which does not serve any purpose other than bitcoin mining. This means that if it is not used with digital currency, it will not be used for any other purpose.
While there are some ways to extend the life cycle of mining equipment, they may not work. Mining hardware may be stored, but Hardware stored in this way may not work properly.
Therefore, as the value of Bitcoin increases, so does its investment, as well as the need for ASICs, which also exacerbates the problem of electricity waste, the report said.
Therefore, the report concludes that alternative ways to reduce Bitcoin should be considered to reduce electricity waste.