Bitcoin mining generates mountains of electronic waste (e-waste) every year as cryptocurrency miners produce 30,700 tons of e-waste.
Research shows that people make money by making Bitcoins, but the computers used for this use a lot of energy, therefore they quickly become useless and generate e-waste.
Some countries in the world are currently focusing only on the electricity used in Bitcoin. But when the computers used for mining are no longer usable, it also generates a lot of e-waste.
Researchers estimate that the average age of Bitcoin mining equipment is only 1.29 years. The bitcoin generates as much e-waste annually in the world as a small country like the Netherlands produces in a year from laptops, phones, printers and other personal computing devices.
Bitcoin mining requires electricity and a better processor including highly specific chips called application specific integrated circuits (ASICs).
Researchers write that ASICs are very fast processors and cannot be used a second time. Globally, only 17% of all e-waste is recycled. However, this number is probably lower in countries where Bitcoin mining is more prevalent.
On May 19, the social media had been flooded with posts regarding cryptocurrencies as the unprecedented slump occurred just a month after a dramatic rise in the value of cryptocurrencies.
The extremely bearish market had triggered panic as people had embarked on sickening selloffs. Those who had invested all their savings in crypto trade had started reeling in shock over the market crash.
Two main factors were being seen behind the crisis: number one was Tesla Chief Executive Officer Elon Musk’s ‘playing’ with the emotions of Bitcoiners and number two was the statement of the People’s Bank of China that it would no longer accept digital tokens as a form of payment.