Topic: Bitcoin mining ban in Europe (Read 832 times)

The ban was implemented through media hype, which would affect the price of Bitcoin. If their country consumes too much electricity and cannot support the electricity in winter, they may give up Bitcoin mining. Not only EU countries. Other countries will gradually ban bitcoin mining. Because they think the energy consumed by mining is wasted.

I am amazed that Shell provides mining solutions using environmentally friendly green energy, but if the mining development proposal using green energy is successful then other big companies will consider implementing methods of utilizing environmentally friendly energy for mining. I've been scrolling through some news about Shell Company regarding Bitcoin mining solution and they are serious about developing it and hopefully next year we will have some good news for miners.

If only Bitcoin miners go "green", the EU would consider lifting its PoW mining ban. We need as much support from governments as possible for Bitcoin to reach the mainstream. At least, there's interest from major energy companies into making Bitcoin mining greener. With a lot of money involved in the mining industry, I don't think PoW will be going anywhere soon. I hope the US doesn't do the same thing as the EU, especially with its "climate change" agenda. Otherwise, pressure into making Bitcoin a PoS coin will increase. It'll be up to miners to take the step forward by using alternative energy sources that are carbon-neutral. Let's see what will happen in a few years from now when the global economy goes back to normal. Just my opinion

He will definitely affect the price of Bitcoin in a short period of time. But in the long run, it has little effect on Bitcoin. Prohibiting Bitcoin mining does not mean prohibiting Bitcoin, it is still possible to use Bitcoin normally. Bitcoin mining does consume a lot of power, and the computer will keep running, and the power in many places will not be able to support normal use. Now that the temperature is getting colder, everyone's electricity consumption will gradually increase. Still need to develop more hydropower and wind power.

I think this isn't the first time that a big company shows interest in mining. I know there are some big companies on the past who got involved in it but shell can be the latest one and it can be the first one who will be using green energy which is great.

I think they came out during the time where btc mining have been banned due to energy concerns. It's like they are showing that it is possible to mine btc without depending on the main energy and still be friendly to the environment but it's great if they also show interest in web3. I didn't knew that or heard that they include in their proposals but this doesn't mean that other big companies are going to follow. Not all of them have the same mindset.

The statistic itself is enough proof that Europe is at its wits end in handling mining, which at its current state is not only inefficient given the fact that it takes a lot of processing power to mine coins nowadays, but also the fact that in-home miners still use their grid's electricity thus contributing to the fossil fuel emission which in turn causes climate change. Europe being one of the main drivers of movements to combat climate change, this is to be expected. What miners should do now within the European soil is to probably appeal to the use of sustainable energy sources as replacement for the use of regular electricity to power their mining rigs, like what some cryptocurrency miners have done in the past up to now. It would cost them a lot, but that is worth the trouble.

This is a bad news for me and I don't really know why this had to come up. The government needs to take a look on this because this might affects the price of Bitcoin if not now it could be later. The government need to consider this so that it will not have serious effect on the miners which will affect the difficulties of mining Bitcoin.

Thing is, Big energy companies are starting to show interest in the Bitcoin mining industry. Recently, Shell stated the company was developing green energy solutions for Bitcoin mining. They are also supporting various projects in the Web3 space, so they are going full speed ahead with this. This surely means that others will follow, and soon we will have a lot of pressure from these multinational companies to governments that are not friendly to bitcoin mining.

This is clearly not fair for bitcoin miners and it is definitely another anti mining statement. To purchase a complete mining rig and mine bitcoin there is stressful and may not be profitable when considering the ever increasing bitcoin difficulty and energy rate. There have to be a form of balance. This is just not it. Let's Say no to anti mining policy!

Since mining farms require reliable and affordable electricity, the EU's energy crisis and rising prices are particularly uncomfortable for miners, who are forced to close certain businesses in order to reduce grid pull. I don't think the EU made a good decision there; I believe they should have increased power generation. With this legislative action, I believe it will be difficult for miners to migrate because the laws are lax there in Europe; Africa is not the best place for miners because electricity there is expensive and there is sometimes theft. And one of the best options is el Salvador which depends more on natural energy the government over there has embraced bitcoin already it will be much more conducive for miners.

https://www.bloomberg.com/news/articles/2022-11-30/crypto-lenders-woes-worsen-as-bitcoin-btc-miners-struggle-to-repay-debt?
"Miners, who raised as much as $4 billion from mining-equipment financing when profit margins were as high as 90%, are defaulting on loans and sending hundreds of thousands of machines that served as collateral back to lenders. New York Digital Investment Group, Celsius Network, BlockFi Inc., Galaxy Digital, and the Foundry unit of Digital Currency Group were among the biggest providers of funding to finance computer equipment and build data centers."

The problem of alternative renewable energy currently has no solution, most miners still depend on electricity which is so expensive. Indications of the involvement of the government and miners are likely to be pros and cons that will not be resolved, considering that bitcoin is often used as a scapegoat for problems that befall a country in financial terms. That's why bitcoin bans in several countries will continue to appear because there is no solution to this problem and this is very detrimental for some miners.

This is a Cryptocurrency market and that is ultra Volatile.
And now this is Bear market and they will do make these kinds of news by bribery cause they have money and they can do any kind of Fud. Firstly they made Fud of China wants to ban Bitcoin mining and Now Europe. Mostly these mining farms are private and They cannot find everyone.

This is still a proposal, and is still not in effect. Nevertheless, if this goes ahead, of course that it will have its implications, but as long as miners can find renewable energies, they will be alloewd to mine. so it is very important to understand how this ban will be applied. On the other hand, this will also give a bigger incentive for miners to try and find new renewable energy alternatives.

I hope you guys enjoyed the weekly Alex Jones crypto podcast, because now it's time to throw some real facts into the thread.


LOL. This is like the 10th time New York tries to ban crypto mining. It cannot be stopped by anyone, certainly not by New York.


And you can support the Texas municipalities in their fight against PoW by opening a power station there. They say everything's bigger in Texas, you know.

Just to warn you, that also means you'll also get a torrent of mining farms applying for energy contracts with your utility.

I don't think miners or the community as a whole will approve the transition from PoW to PoS within the BTC blockchain (even if developers decide to change the code someday). Such a move will destroy everything Bitcoin has a achieved so far (which is decentralization and censorship-resistance). What might happen is that Bitcoin will split into two currencies, leaving us with Bitcoin Core (PoW) and a PoS version of the Bitcoin blockchain. It'll be just like what happened with the block size debate where Bitcoin was split into both Bitcoin Core and Bitcoin Cash.

Like it or not, the original chain will remain PoW even if the vast majority of crypto defect to PoS. Just because governments (especially those within the EU bloc) are pushing towards PoS, doesn't mean Bitcoin has to do it. I'd prefer Bitcoin to become the opposition than sacrificing its decentralization by satisfying governments' demands. Considering that the community won't allow BTC to turn to PoS, we should expect further opposition from the EU and other countries over time. I'm fine with that as long as Bitcoin remains an unstoppable cryptocurrency. Just my opinion

https://abc13.com/houston-boil-water-notice-city-of-plant-power-outage-what-to-do-under/12502921/

https://www.reuters.com/world/us/houston-issues-boil-water-notice-after-treatment-plant-power-outage-2022-11-28/

Texas is now suffering from Bitcoin PoW miners making their grid unstable.

https://www.thestreet.com/crypto/bitcoin/crypto-mining-strains-energy-grid-and-creates-fresh-demands-for-housing-in-texas

UPDATE on the Growing PoW bans.

https://www.cnbc.com/2022/11/23/new-york-governor-signs-law-cracking-down-on-bitcoin-mining.html


Any PoW Miner not currently running on 100% renewals , will also not have their license renewed.
So even present PoW miners will be kicked out as their licenses expire.



FYI: As if the growing input costs and missing venture capital were not becoming a bigger issue.
https://protos.com/pressured-bitcoin-miners-cant-sell-the-dip-fast-enough/

* Note: The liquidity crisis is caused by the baby boomer portfolio transition into safer investments like cash, which is why VC money is drying up. *

Every coin that wants to survive the PoW bans will convert to PoS or a token.
Bitcoin is leaderless, so becoming a token on ethereum or cardano will be it's only chance for survival.

Bitcoin is in Danger of having DAR added to it's code, which would allow the world governments to censor all transactions they did not like,
and allow coin seizure of bitcoins with a court order. So Censorship resistance and decentralized will be meaningless.
https://bitcointalksearch.org/topic/security-risks-of-bsv-hardfork-wright-trying-to-add-the-same-to-bitcoin-5420975

We're going to have to see whenever the EU will lift the ban after it becomes energy-independent or leave everything as is. It seems to me that this is nothing more than an excuse to get rid of Bitcoin for good. After all, governments don't want people using Bitcoin on top of Fiat. Effectively, Bitcoin strips away governments' control over people's finances by eliminating the middleman (which has always been banks). I wouldn't be surprised if other countries join the "green energy" narrative in order to minimize Bitcoin's preeminence in the mainstream world.

Fear not, as not every one will be completely against Bitcoin. There will be a few countries that will still support it no matter what. I'd expect PoW's lifespan to prolong itself because of this. Other coins may turn to PoS as they won't be able to handle the pressure. You can see why ETH pleased the regulators by becoming a PoS blockchain right after sanctions were implemented on the Tornado.Cash mixing protocol. Imagine what would be of crypto/Blockchain land if 99.99% of the coins turn to PoS. It will be a centralized playground for governments and central banks alike. At least, Bitcoin won't be going anywhere. As long as it stays decentralized, there should be nothing to worry about. Just my thoughts