Blockchain Expert Muses About 98% of Bitcoin Mining Rigs Becoming Vainly Obsolete
While bitcoin mining is quite a profitable venture, it comes with a negative environmental impact that can’t be ignored. Revealing research by PWC’s Alex de Vries paints a very startling picture. About 98% of existing crypto mining hardware will become obsolete quite soon. That’s a lot of e-waste in waiting.
Shorter Life Spans of ASIC Miners Expected
The competitive nature of mining is always on the increase thanks to sustained surges in hash rate and mining difficulty. In about 10 weeks, there will be a halving of Bitcoin, a factor that will designate older mining rigs quite ineffective.
De Vries notes how shocking it is that the average lifetime of a bitcoin mining machine Is just one and a half years. This situation is largely due to next-generation machines cropping up with better calculation abilities.
Due to their single-purpose nature, the old ASIC miners are slated for only one more destination, the landfill. The amount of e-waste generated due to the Bitcoin mining industry is already high at 10 kilotons per annum. Now with the halving coming up, this figure is expected to increase rapidly.
E-waste aside, the global mining process now consumes more electricity than Chile, a newly industrialized economy. A single Bitcoin transaction emits more Carbon Dioxide than about 780,000 Visa transactions! That’s a very startling stat to muse about.