• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Bitcoin waste

Recent Analysis Compares Waste From One Bitcoin Transaction To Throwing Out Two iPhones

Tolu Okuwoga by Tolu Okuwoga
2 years ago
in Bitcoin
Reading Time: 3 mins read

There have been many studies that have highlighted the carbon footprint and electricity usage problems of Bitcoin transactions. Founder of Digiconomist Alex de Vries and researcher at MIT’s Center for Energy and Environmental Policy Research, Christian Stoll, released a new study that shines a light on the electronic waste that Bitcoin generates.

Related Reading | How Elon Musk Is The Answer To Bitcoin Energy FUD

This study, “titled Bitcoin’s growing e-waste problem”, provides new insights into another major component of Bitcoin’s wasteful design.

The Electronic Waste Problem Of Bitcoin

Most studies have ignored the fact that Bitcoin miners go through a large amount of short-lived hardware that could increase global electronic waste growth.

“E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollutions caused by improper recycling.”
According to the study, a single transaction generates 272 grams of e-waste, the same amount of electronic waste as throwing two iPhone 12 minis in the bin. In 2020 the bitcoin network processed 112.5m transactions (compared with 539bn processed by traditional payment service providers in 2019).

bitcoin electronic waste generation“Bitcoin’s annual e-waste generation adds up to 30.7 metric kilotons as of May 2021,” they claim. “This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.” This figure could increase to more than 64.4 metric kilotons of waste.
They also point out that the demand for mining hardware already today disrupts the global semiconductor supply chain, which is currently suffering a global shortage due to increased need in the coronavirus pandemic, as well as a US-China trade war and drought in Taiwan.

BTCUSD Chart on TradingView.com

BTC trading at $47.6K | Source: BTCUSD on TradingView.com

Additionally, Bitcoin mining has evolved from a simple activity done on a laptop to a complex and very expensive game done through powerful ASICs (application-specific integrated circuits). These ASICs are specifically designed to mine crypto transactions. And as technology changes, miners have to constantly replace their ASICs with newer, more powerful ones to stay competitive. Therefore, these single-purpose ASIC chips quickly become waste. According to the researchers, “The lifespan of bitcoin mining devices remains limited to just 1.29 years,”

Researchers in Europe and the U.S. also claim that miners have been dumping tens of thousands of tonnes every year of ASIC rigs and contributing to the ever-growing environmental challenge.

Alex and Stoll also warn that the e-waste problem will probably grow further if the price of the cryptocurrency continues to rise since it will incentivize further investment in and replacement of ASIC hardware.

Related Reading | Why Bitcoin Could Rise To $53K, Here Are The Risks Bulls Must Overcome

If the community were to try to reduce its e-waste problem, the paper concludes, it would need to replace the bitcoin mining process in “its entirety with a more sustainable alternative,” One of those alternatives is “proof of stake” instead of “proof of work”, as an experimental replacement. “The first miner who finds a PoW [proof of work] that satisfies predetermined conditions broadcasts the block to all nodes in the network. The receiving nodes express their acceptance of the new block by building on top of it”, the paper explains.

Featured image from Interesting Engineering, Chart from TradingView.com
Tags: bitcoinbitcoin (BTC)btccarbon footprintelectronic wasteEnergy Consumption
Tweet123Share196ShareSend
Tolu Okuwoga

Tolu Okuwoga

Related Posts

crypto

Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why

2 hours ago
Bitcoin fractal

Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target

8 hours ago
Bitcoin Greed

Bitcoin Pushes Into Extreme Greed, What You Should Expect From Here

10 hours ago
Bitcoin

Former FTX US President Says Bitcoin Spot ETF Will Come In 2024, Gives Price Targets

13 hours ago
Bitcoin whales Small

Bitcoin Bull Rally Is Far From Over According To These Large Whales

19 hours ago
Bitcoin

Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week?

23 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Here’s Five Reasons Why Investors Are Rushing To...

    13 hours ago
  • Bitcoin Blasts Towards $50K as This New Presale Eyes $500K

    18 hours ago
  • Market Buzz: Could This Newcomer Surpass Dogecoin and PEPE...

    19 hours ago
  • VC Spectra’s Stage 5 Launch Rockets Past...

    24 hours ago
  • Beyond Ethereum (ETH): Crypto Enthusiasts Whisper About the...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.