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I would say NO, it would take a LOT of paper to make up for the raw materials and total cost to the environment to make up for an ereader. It does save on space though and may balance out SOME carbon emissions by lack of printing, distributing and ultimate destruction of paper books.
Paper however lasts a LONG time in a landfill too because they environment is typically anaerobic (lacks air). You can commonly find newspapers from DECADES that look almost as fresh as when printed. Best way to get rid of excess paper is to shred it and compost it.
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