The study conducted by Science Direct reported that bitcoin mining generates more than 30.7 metric kilotons of e-waste every year. The waste generated can be compared to small IT equipment waste produced by countries like the Netherlands.
When Bitcoin price levels increased suddenly, the total amount of e-waste may have grown beyond 64.4 metric kilotons.
A report from the study said, "E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollution caused by improper recycling."
It is found that the mining systems had also created significant pressure as they only can run only the fastest, latest, most energy-efficiency computer chips. The demand for mining hardware may disturb the global semiconductor supply chains.
This e-waste problem will probably grow more if the price of bitcoin continues to rise.
The report said that for reducing the e-waste generated from bitcoin, a new mining method called proof-of-stake should be encouraged.