Why you should not buy old devices for mining cryptocurrency, and how their use harms the environment, explained blockchain expert Alex de Vries

98% of currently existing cryptocurrency mining equipment will eventually become useless electronic garbage, said PwC blockchain expert Alex de Vries. According to him, the increase in the complexity of mining and the appearance of new generation devices led to a reduction in the service life of old analogues up to one and a half years,
"98% of devices during their service life are unable to perform the first calculation and receive a reward for finding the block. Therefore, they are useless for several years, wasting energy senselessly, and in the future will become unnecessary garbage, " fries explained.

He added that another problem with cryptocurrency mining is the huge consumption of electricity. According to fries, each transaction in the Bitcoin network consumes about 657 kWh, the same amount consumed by a British family in 59 days.

The expert noted that mining Bitcoin and other coins also poses a threat to the environment. For example, one transaction in the first cryptocurrency network produces more carbon dioxide than 780,650 transfers in the Visa payment system and 52,000 hours of video viewing on YouTube, fries said.

On February 27, the Chinese company Bitmain revealed the characteristics of the next-generation miners-Anminer S19 and S19 Pro. Devices are equipped with a new firmware that increases the speed of launch and adds a mechanism for intelligent management.