[2022-10-19] Europe to ban crypto mining this winter - page 2.

cr1776

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Good luck banning it for many people, but with the projected cost of power, that alone may solve the issue. This is, however, the camel's nose under the tent.

Regarding this:

Quote

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And yet it still doesn't match the format in the sticky - brackets are not included:

POST FORMAT: YYYY-MM-DD SITE - HEADLINE

https://bitcointalksearch.org/topic/post-format-yyyy-mm-dd-site-headline-246823

theskillzdatklls

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Government created problems, government created solutions.

If the free market could just do it's thing for energy, it would all get sorted. If the free market could determine who is willing to pay what for electricity, it would be allocated most efficiently this way.

Such an insane concept in today's world.

bbc.reporter

legendary

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Quote from: ?? on ??

Quote from: https://ec.europa.eu/commission/presscorner/detail/en/qanda_22_6229

In addition, the Commission will also cooperate internationally and build on the technical expertise of standardisation bodies to develop an energy-efficiency label for blockchains.

I have some long-term concern about this label, there's possiblty it'll hinder PoW cryptocurrency to remain listed on exchange or can be used as donation option.

Agreed. I have bookmarked your post as a reference on where I have heard this speculation first hehehe. In any case, creating a department where they can standardise an industry is giving them the power to control a whole industry. They will certainly make it sure that bitcoin will not pass their energy efficiency label.

This will be dangerous for users because the proof of work cryptcoins that might pass will be having the risk of 51% attacks. I will be with the maximalists for this argument hehe.

Lucius

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Quote from: LeGaulois on October 19, 2022, 05:14:24 PM

On the other hand, lighting up the streets in the middle of the night when no one is around is not a problem

I don't know how it is in other EU countries, but I know that in my country some cities introduce such reductions in principle that every other light fixture is turned off, which again led to some complaining that the streets have become too dark. It's hard to please people, because they will always find a reason to complain - like some people in my neighborhood who never turn off the lights, and then complain that they have high electricity bills.

Quote from: bittraffic on October 20, 2022, 09:47:40 PM

If there is a great way to benefit from mining, I think it's in winter months so it can heat up a room and at the same time make BTC out of it.

Are there any mining rigs that are quiet or relatively quiet? I live in the belief that BTC mining is very noisy, so it is not suitable to be located in the premises where we live. Perhaps the solution is a sound-insulated room from which warm air would then be brought to the rooms we want to heat. A few years ago someone invented something similar in Russia, I remember we discussed it on the forum.

SFR10

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Quote from: LeGaulois on October 19, 2022, 05:14:24 PM

the Commission strongly requests to lower the electricity consumption of crypto players,... up to stop crypto mining... In another word, shut down your ASICS immediately.
~Snipped~

Quote

in line with the proposed Council Regulation on an emergency intervention to address high energy prices. In case, there is a need for load shedding in the electricity systems, the Member States must also be ready to stop crypto-assets mining.

Judging by how they used load shedding in the sentence, I believe it's just a temporary precaution against the situation in question and not something that'd completely halt mining operations, so perhaps it's not as bad as it looks ^{[having said that, there'll be collateral damages for sure]}.

Quote from: bittraffic on October 20, 2022, 09:47:40 PM

What do they mean by standardization bodies, could this be another agency to tackle regulation?

Here you go

bbc.reporter

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@bittraffic. What some of the more venturous miners will certainly do is mine illegally using stolen electricity hehe. I agree that this is a crime, however, I would argue that for those miners who are prepared to do this is good for bitcoin and the decentralization of bitcoin.

I speculate that it might have started in China already after their ban on cryptomining.

bittraffic

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Quote from: bbc.reporter on October 20, 2022, 08:57:49 PM

This is quite certain to become a reality everywhere including those countries where miners go for cheap electrcity. I have argued about a European ban on mining before and the reaction towards me was not very good as usual hehe. I am also quite certain that much of those people would also say that they expected this news development and it did not need to be said hehehehe.

Yes. Can't say renewable energy will be cheap because if it's the only source, it will not be cheap. It must be mandatory also for people who have turbines and solar panels to join the grid. Fight climax change all the way!

bbc.reporter

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This is quite certain to become a reality everywhere including those countries where miners go for cheap electrcity. I have argued about a European ban on mining before and the reaction towards me was not very good as usual hehe. I am also quite certain that much of those people would also say that they expected this news development and it did not need to be said hehehehe.

LeGaulois

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As you know, as far as we as Europeans are concerned, we are in the middle of an energy crisis, and winter has not even started yet.
Between rising gas, electricity, wood, and other prices, coupled with less electricity production than we need, gas shortage...
Not even sure about having heat at home for the whole winter... or for a very very high price

The European Commission has published a paper on energy policy for the Member States.
And guess what. Crypto mining is on its roadmap among the many electricity restrictions to come.

The document is not exclusively about cryptos. It's about "the plan on digitalising the energy system". But notice point #3 "Does the Action Plan tackle cryptocurrencies."

the Commission strongly requests to lower the electricity consumption of crypto players,... up to stop crypto mining... In another word, shut down your ASICS immediately. (they also want to stop the fiscal measures benefitting miners but that's another matter)

Quote

Given the current energy crisis and the heightened risks for the coming winter, the Commission urges Member States to implement targeted and ambitious measures to lower the electricity consumption of crypto-asset actors, in line with the proposed Council Regulation on an emergency intervention to address high energy prices. In case, there is a need for load shedding in the electricity systems, the Member States must also be ready to stop crypto-assets mining. In the longer-term perspective, it is also crucial to put an end to tax breaks and other fiscal measures benefitting crypto-miners currently in force in certain Member States.

On the other hand, lighting up the streets in the middle of the night when no one is around is not a problem

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