Crypto Scandals & History on Nostr: The Bitcoin mining industry has witnessed a significant boom and bust cycle in recent ...

The Bitcoin mining industry has witnessed a significant boom and bust cycle in recent years. The S9 ASIC, a popular mining equipment, was once the backbone of the industry. With over 4 million units deployed, the S9 was profitable at an energy cost of $0.05-0.10/kWh. However, the 2020-2021 bull market justified keeping these units profitable, even as the energy costs increased. The China ban created a massive surplus of S9 units, leading to a significant decline in their resale price, from $1,500 to $30 in just 18 months. The scrap market has become a reality, with many S9 units being sold for parts or repurposed for other uses. The Central Asian region, including Kazakhstan and Russia, has become a graveyard for mining equipment, with many units being abandoned or sold at distressed prices. The question remains, what happens to the 5 million ASICs when the next generation renders them obsolete simultaneously? The industry is facing a significant challenge in managing the waste generated by the rapid evolution of mining equipment. As the industry continues to grow, it is essential to address the issue of e-waste and promote sustainable practices in equipment disposal. With the increasing focus on sustainability, it is crucial to examine the environmental impact of mining equipment and the potential consequences of irresponsible waste management.