Cryptocurrency Crash reduces CO2 emissions
The current cryptocurrency crash had a significant positive impact on the environment. According to Digiconomist data, the crash reduced CO2 emissions by a significant amount. 150,000 tons of CO2 per day are avoided by reducing cryptomining. As stated by Digiconomist, the total reductions in the last few weeks already amount to a quarter of the annual CO2 reductions from Tesla vehicles.
Of course this is only carbon avoidance, which means that this represents CO2 emissions that we have not actively contributed to our total emissions footprint, not existing emissions that we have somehow negated. Crypto mining has and is causing a lasting negative impact on the world. The widespread environmental damage of crypto mining is a well-documented fact, with various studies reporting the incredibly large amount of carbon emissions released due to the high energy consumption of mining by electronic devices.
Mining equipment based on ASIC technology also produces significant electronic waste as their lifespan averages between three and five years before they need to be replaced, and by their nature the spent equipment cannot be reused for other purposes. One form of mining equipment is GPUs, with the best graphics cards being highly coveted by miners, as we can see since Ethereum miners alone have spent $15 billion on graphics cards in the last two years. Even the best cheap graphics cards from a few generations ago have become almost impossible to buy during the crypto boom. Cards are now readily available in the market as miners try to overcome their losses and there is no way of knowing what their remaining useful or not
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