It is common knowledge, that mining cryptocurrencies like bitcoin is very power hungry. Apparently not only that, the negative impact of bitcoin on the environment, namely the amount of electronic waste generated from bitcoin transactions.
This rarely highlighted impact is revealed in a report published in the journal Resources, Conservation and Recycling. In this report researchers find a methodology for estimating how much e-waste is generated by bitcoin each year.
Bitcoin transactions can generate electronic waste because bitcoin mining devices usually have a short lifespan, such as ASIC chips used specifically to mine bitcoins.
ASIC chips are often replaced with newer and more efficient devices by miners, and usually only last 1.29 years before being replaced. This of course can produce large amounts of e-waste if accumulated over many years.
"As a result, we estimate the current bitcoin network uses 30.7 kilotons of equipment annually. This figure is equivalent to the waste of IT and telecommunications equipment generated by countries such as the Netherlands," the researchers said in the report, as quoted by Gizmodo, Sunday (19/9). /2021).
The researcher then explained that one bitcoin transaction resulted in 272 grams of electronic waste. This means that the electronic waste produced is equivalent to two units of the iPhonePhone 12 mini 12 mini.
Throughout 2020 alone there were 112.5 million bitcoin transactions. So you can imagine how much electronic waste equivalent to millions of iPhone 12 minis is thrown away in a year.
Electronic waste that is not managed properly can harm the environment. This type of waste can release harmful chemicals and heavy metals into the ground, and if not recycled properly can cause air and water pollution.
ASIC chips that are the main concern can actually be used again if the price and profits made from bitcoin increase. But there is one obstacle that makes miners reluctant to use ASIC chips repeatedly, one of which is the cost of hardware storage.
Researchers warn that the e-waste problem could get worse and that everything depends on the value of bitcoin. Researchers say that if you consider bitcoin's highest value of $60,000, the e-waste generated could reach 64.4 kilotons in half a year.
To overcome the problem of e-waste generated from bitcoin mining, the researcher suggests replacing the current mining process with an alternative process that is more environmentally friendly.
