Cryptocurrency XRP sank 10%

One bitcoin transaction generates the weight of electronic waste equal to two iPhone 12 mini. This is the conclusion reached by economists at the Central Bank of the Netherlands and the Massachusetts Institute of Technology in a joint report published in the journal Resources, Conservation and Recycling.

Because all messages in the digital gold blockchain are recorded in member-generated blocks, transactional activity is inextricably linked to mining.

Experts noted that the impact of the cryptocurrency mining process on the environment in the context of the carbon footprint is "well understood," but the communityhe huge hardware turnover that the industry is driving is being overlooked. As mining companies require more and more powerful ASIC devices due to the increasing complexity of computing, the amount of industry waste is on the rise.

"Bitcoin mining devices are still limited to only 1.29 years in life. As a result, we estimate that the digital gold network currently generates about 30.7 kilotons of e-waste per year. This number is comparable to the amount of e-waste from the country's small-scale information and telecommunications equipment, such ase of the Netherlands," the report says.

According to the study's authors, the bitcoin blockchain processed 112.5 million transactions in 2020. Based on this, they calculated that each individual transaction "corresponds to 272 grams of electronic waste" - the weight of two iPhone 12 mini.

Economists believe that the increase in waste is a problem for the cryptocurrency industry because ASIC devices have no alternative uses. Theoretically, it is possible that obsolete equipment could make a profit during periods of reduced mining sophistication or rising bitcoin pricesа.

"However, there are several factors that prevent mining devices from significantly extending their lifespan. It costs money to store the equipment, and over time, the likelihood that it will be able to make a profit decreases," the report's authors added.

The researchers stressed that as bitcoin prices rise, this problem will only worsen, as it encourages investment in mining hardware and, as a result, the replacement of obsolete ASICs.

According to the report, if the cryptocurrency community wants to solve the e-waste problem, the process tohe bitcoin flows need to be switched to a "more sustainable alternative". As examples of the latter, the authors named the Proof-of-Stake consensus algorithm and the Proof-of-Space and Proof-of-Time used in Chia.

Earlier Bloomberg noted that bitcoin miners' power consumption exceeded 2020 figures. Many community members consider the problem of the industry's environmental impact to be exaggerated.

Recall that in September infrastructure company Blockstream and Australian investment bank Macquarie agreed to launch a pilot project in the U.S. carbon-neutral bitcoin mining.Bitcoin is the monetary standard that will one day become the global reserve currency. That was the opinion expressed by SkyBridge Capital CEO Anthony Scaramucci on Career Stories podcast.

Scaramucci urged people to learn more about the crypto industry, even if they are skepticalhe said it is important to understand "why you don't want to own digital gold. It is important to understand "why you don't want to own digital gold," he said.

"Bitcoin is volatile because it is at an early stage of adoption. Amazon had the same volatile curve 24 years ago. But if you invested $10,000 in Amazon stock in an IPO, you would get $21 million today," Scaramucci explained.

He also cited bitcoin's decentralization as one of the main advantages. According to the head of SkyBridge Capital, financial instruments work lThe people are in the hands of the people, not the government.

Scaramucci advised newcomers to the crypto industry to allocate up to 5% of their investment portfolio to digital assets. He attributed the recommendation to high profits in case of significant market growth and low plosses in the event of its collapse.

Recall that in March 2021, the head of SkyBridge Capital said bitcoin has a future and, unlike gold, is easier to store and move.

In May, Scaramucci noted the ability of meme-cryptocurrency Dogecoin to become digital silver.Bitcoin retains chances to update the historical maximum by the end of the year, despite the risks of correctional decline to the $40,000 mark, this forecast was given to RIA Novosti by Viktor Pershikov, lead analyst of investment operator 8848 Invest.

"Despite the risks of a correction, there are still chances of bitcoin updating its historical maximum before the end of the year. Decline to the $40,000 mark as part of the correction will not lead to a collapse in prices, as in general, on-chain metrics (cryptocurrency transactions in blockchain - ed.) indicate a healthy situation in cryptocurrency, with large market participants continuing to accumulate bitcoin in their wallets without selling it off," Pershikov said.

As of 12.26 Moscow time, bitcoin was trading at $45,095, according to data from the Binance exchange. Bitcoin hit an all-time high of $64,854 on April 14, 2021.

This week.The rate of bitcoin will be under pressure, which may cause a correction to the level of $40,000, the expert said. The main negative, in his opinion, comes from regulators and financial authorities in the United States. "Thus, the CFTC (Commodity Futures Trading Commission - ed.) USA intends to investigate cases of insider trading and market manipulation by the largest cryptocurrency exchange Binance. In addition, in the near future willsubmitted another $3.5 trillion infrastructure plan by the U.S. Congress, the amendments of which will be extended to cryptocurrency transactions," the expert adds.

Despite the absence of direct fundamental negatives, these factors make investors nervous, and the fact that bitcoin does not manage to consolidate above the level of $50,000, reduces the number of participants with long marginal positionsThe company's growth is unlikely to be strong in the near future, Pershikov said.

"Also, the NFT sector, the growth of tokens and projects of which supported the crypto market in summer, was on the verge of a bubble: more than 75% of tokens on the largest NFT exchanges are not active, indicating a sharp decline in investor interest in this type of assets. In case NFT tokens collapse, this may negatively affect the overall capitalization of the crypto market," the expert concludes.Cryptocurrency XRP traded at $0.97343 at 10:22 a.m. (07:22 GMT) on Monday, according to the Investing.com index, down 10.04 percent on the day. It was the cryptocurrency's biggest drop in value since Sept. 7.

The drop was also triggered by a decline in the market'sXRP capitalization to $45.48923B, or 2.26% of the total capitalization of all cryptocurrencies. While previously at its peaks, XRP's capitalization was $83.44071B.

During the last 24 hours, XRP has been trading between $0.97171 and $1.04944.

Over the past 7 days, cryptocurrency XRP has feltand the fall in the rate within lost 7.9%. The volume of XRP currency traded in the last 24 hours before this story was published was $3.15355B or 3.32% of the total volume of all cryptocurrencies. The rate has ranged between $0.9717 and $1.1297 in the last 7 days.

In yes.XRP is still below 70.41% of its $3.29 peak on January 4, 2018.

Meanwhile, other cryptocurrencies
Cryptocurrency Bitcoin last traded at $45,441.8, according to the Investing.com index, falling 5.70% during theof the day.

Etherium was trading at $3,167.46 , according to Investing.com's index, down 7.97%.

Bitcoin's market capitalization is $856.58192B or 42.60% of total cryptocurrency capitalization, while Etherium's market capitalization is $372.91580B or 18.55% of total cryptocurrency capitalization.

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