The collapse of the crypto market goes a long way towards tackling climate problems

Massive recent declines in the crypto market have significantly reduced the industry’s carbon emissions, according to a new study.

According to Digiconomist data, the market crash has reduced emissions by 150,000 tonnes of CO2 per day. Cryptocurrency operations are polluting activities. For example, a single transaction in the Ethereum blockchain consumes more energy than 100,000 transactions on the VISA network. Also, before the market crash, Bitcoin (BTC) mining consumed as much energy in a year as Sweden.

Equipment that mines virtual currencies, such as ASIC miners, also generates a lot of e-waste. These devices have a life span of 3-5 years and then need to be replaced.

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Other equipment in high demand were powerful graphics accelerators. In the last two years Ethereum miners have spent $15 billion on such devices. Video cards that have been used for this activity no longer offer peak performance, so they should be avoided by consumers.

The crypto market has reached a capitalization of less than $1 trillion after reaching a value of about $3 trillion at the end of 2021.

Humanity must significantly and quickly reduce polluting emissions to avoid a climate catastrophe. Every year, 36 billion tonnes of CO2 are released into the atmosphere worldwide.

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It’s not just polluted air that puts our future at risk. Researchers have warned that we have just 9 years left in which to take action against plastic, an extremely harmful material for the planet.

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