Constantly changing temperature causes materials to expand and contract over and over again leading to failures. It's called thermal cycling. You can Google it yourself if you want to know more.

Constant loads are worse for fans but those are easy and cheap to replace

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I don’t know, you might be right but I’m no expert, it’s an interesting topic though. Found this thread on Tom’s Hardware, its a good discussion: https://forums.tomshardware.com/threads/gamings-thermal-cycling-vs-minings-components-degradation-which-is-worse-to-gpus-lifespan.3747493/