The current cryptocurrency crash has far-reaching effects on the tech market and even has a huge positive impact on the environment.
According to the data reported digital worldthe crash reduced carbon emissions by a significant amount – 150,000 metric tons of CO2 per day were avoided due to reduced coding processes.
As the Digiconomist stated, “The total reductions over the past weeks are already up to a quarter of the annual CO2 reductions by Tesla cars.” We’ll see how much emissions fall as the market crash continues.
The cryptocurrency crash has had a lasting impact (so far) on related carbon emissions. 150,000 metric tons of CO2 are being avoided per day compared to what it was before the crash. The total reductions over the past weeks already amount to a quarter of the annual CO2 reductions by Tesla cars. pic.twitter.com/BPiTu1d8WP30 June 2022
For context, this amount of carbon avoidance, according to a Digiconomist analysis, is more than the total net global savings generated by the deployment of e-vehicles, which International Energy Agency (Opens in a new tab) Put in about 50 million tons in 2020.
Of course, this is just carbon avoidance, which means that this represents carbon emissions that we are not actively adding to our total emissions output, not current emissions that we have rejected in some way.
Analysis: Long-term effects of encryption
Knowing how much carbon emissions have fallen after the cryptocurrency crash is troubling to say the least. The saplings industry has left a lasting negative impact on the world.
The long-term harm that cryptocurrencies do to the environment is a well-documented fact, with several studies reporting the incredibly large amount of carbon emissions they emit due to the high energy consumption of mining through electronic devices.
Mining hardware based on ASIC technology also generates significant e-waste, lasting an average of three to five years before needing to be replaced, and spent equipment cannot be reused for other uses in nature.
Another form of mining hardware comes in the form of GPUs, miners are looking for the best graphics cards, as we can see that Ethereum miners spend alone 15 billion dollars on graphics cards in the last couple of years. Even the best cheap graphics cards from a couple of generations ago became nearly impossible to buy during the crypto boom.
Many of these cards now Dumping the second-hand market As miners try to make up for their losses, there is no way of knowing what useful life they have left or the conditions under which they have been working. So there is no way to know if these used cards are a wise purchase unless miners give them away for free.