Bitcoin mining ban in Europe - page 3.

NotATether

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

Can someone be kind enough to send them to https://bitcoincleanup.com ? I would've done so myself but the electricity's out as I type this.

Seriously, I give N+1 reasons there why Proof of Work is like a protected infrastructure similar to countries.

Abiky

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

I don't think this will affect Bitcoin's price, especially when there are other countries that are "miner-friendly". An EU ban would prompt miners to move to another region in order to keep their business running as usual. Just because most countries are turning their attention to climate change, doesn't mean Bitcoin mining will end for good. There will be a few countries that will allow Bitcoin mining, prolonging the life of the cryptocurrency. But you can rest assured that if PoW mining is banned all around the world, the community will simply "vote" to switch to a new "eco-friendly" consensus algorithm altogether.

Whenever the switch will degrade Bitcoin's decentralization or not, it's yet to be seen. I wouldn't worry about EU's "anti-crypto" policies as long as there are other countries supporting it every step of the way. Just my thoughts Grin

examplens

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Quote from: avikz on October 25, 2022, 02:10:30 PM

Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

There will be definitely impact on the bitcoin price if it happens in reality. However, that will be temporary for sure! who have already invested millions of euros to setup their mining operations, they will simply move out of Europe and set up in a crypto friendly nation. It's very similar to what happened in China.

So I think a temporary impact will be seen in the market if the EU decides to go ahead with the ban but we should be able to come back on track within a short period of time.

I would rather say that the reason for this energy-efficiency "concern" is the current energy crisis caused by the war in Ukraine. shortages of gas and oil certainly raise the need for electrical energy.
ideas about saving energy are being encouraged more and more, decorative lighting is being turned off, and sometimes even street lighting. of course, bitcoin mining, which is always labelled as a big energy consumer can't be ignored when is a discussion about energy saving.

avikz

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

There will be definitely impact on the bitcoin price if it happens in reality. However, that will be temporary for sure! who have already invested millions of euros to setup their mining operations, they will simply move out of Europe and set up in a crypto friendly nation. It's very similar to what happened in China.

So I think a temporary impact will be seen in the market if the EU decides to go ahead with the ban but we should be able to come back on track within a short period of time.

Leviathan.007

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During recent months, I've seen many countries in Europe start attacking PoW and bitcoin mining because of the energy consumption also according to what I heard from my friends in some European countries they have problems with supplying energy for mining because the governments will not allow them in the times when the energy usage rises up. But I guess since we are still in the moments of the bitcoin adoption we can see more clear rules in Europe and other nations not make everything easier for the miners.

Wind_FURY

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

I have been one of the most optimistic people about Bitcoin, and its possibilies of changing the political landscape, but THAT might be a real problem if we also consider the negative effects on inflation caused by their own policies, and the Russo-Ukraine war.

I believe there must be a lobby against it, but the debate behind it will be weak, with winter coming and the further stress it will cause to the power grids.

mindrust

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It was a matter of time anyways. When the energy prices that high, of course they would come after bitcoin mining. Hopefully this won't affect he network in a bad way. Maybe we will lose some hash rate but everything will keep moving forward without a trouble.

On the other hand if the countries also join this act then that would kill most of bitcoin's hashrate. That would become a serious problem. Maybe PoS is the answer...

Don Pedro Dinero

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Quote from: 8rch7 on October 21, 2022, 11:17:37 PM

Even though Europe has again banned bitcoin miners,

Wrong.

If you had stopped to read the article and the comments you wouldn't say that.

The ban on mining in Europe is in the pipeline, not yet approved. It was already a project before, but now with the energy crisis and foreseeing power cuts for this winter, it is more in vogue.

I don't think we're going to have much strength to stop this. And, yes, I agree that it will affect the price, especially in the short term, and certainly less than when mining was banned in China, but it is not good news.

8rch7

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Even though Europe has again banned bitcoin miners, I personally don't think it will be affected by the price or value of bitcoin, because we know that China has done the same thing but the price of bitcoin remains the same as usual, the reason for Europe banning bitcoin is due to environmental problems, the same as given by the Chinese government, but I'm sure not all European governments agree with the bitcoin mining ban, only a few people propose a bitcoin mining ban.

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

I don't think that there will be any effect on the price of bitcoin just because another continent has said something against mining and bitcoin. Just like the typical statements from countries that have said something about banning bitcoin et. al., the price doesn't react so much anymore with that. I think this has something to do about centralization and that's what they want to implement so they want to ban PoW and wanted to be favorable with PoS.

Iranus

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

Europe is experiencing a severe energy shortage this winter so I wouldn't be surprised when they enact this ban. Currently, many companies and businesses in Europe are on the verge of bankruptcy because of energy shortages as well as too expensive costs. This ban is likely to be temporary and it will be reinstated when the European economy recovers and things return to normal. This will definitely affect the bitcoin price but won't be too severe as we all know the root cause of this ban, IMO.

Die_empty

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

Can this affect the price of bitcoin or is this another anti-mining statement?

The impact of the Russia-Ukraine war is hitting the economies of most European nations hard. Winter is close and most countries are not sure of their power source. But these nations are also facing economic challenges, hence they also need an increase in revenue through tax. I don't think this ban would be very effective because there are other ways to sort out these power challenges like load shedding and rationing. Most of these nations also depend heavily on the revenue they can get from the mining tax in their locality.

Sometimes I keep wondering why the target is always bitcoin when it comes to power issues, while other sectors like gaming and banking also consume more energy. But currently, most bitcoin mining firms have developed new technologies that have made their power source clean, green, and independent. It is also important to state that other nations outside the European Union would be very willing to welcome bitcoin miners. I am sure Africa would be a very good destination for them.

Even if it affects the price of bitcoin, the impact would be short-lived and minimal.

theedm09ka

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the EU is slowly becoming a massive continent of over regulation and zero innovation Undecided

OcTradism

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There are so complicated things in the Europe. The Russia - Ukraine war, the energy crisis, the financial crisis and more. In the coming winter season, it is important for governments and citizens there to fight (should be successful) against the energy crisis and energy war from the Russia.

The war and the exploitation of Russian government on gas, fuel as their most powerful and effective tool to create pressure on Western governments, together they make the societies in Western countries become worse and more chaotic.

With all of sudden arising pressure, I can understand when Western governments have to enforce more stricter regulations on energy usages as well Bitcoin or cryptocurrency mining. It is one of their temporary solutions to reduce impacts from the war and Russia to prevent worse energy shortages in the Winter.

The war won't last forever, the energy crisis and dependence on Russian energy resources won't last forever. Mining industry will see sun-lights at the end of tunnel, at the end of the war. I believe in 2023 Winter season, things won't be bad like this year.

thefaucetrunner

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Quote from: zasad@ on October 21, 2022, 02:09:33 PM

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

Sounds like something that will be very difficult to enforce.

People are growing weed in warehouses all across Europe and consuming similar amounts of electricity. I can't see it doing anything.

The EU is overstretching itself again.

Gallar

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a lot or not, it will definitely affect the price of bitcoin, but in my opinion it won't have much effect, because even if there is a ban, surely the miners will continue to try to be able to mine, in any way.
because it was their job, so surely they would keep trying to be able to mine.

BitMaxz

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I don't think this gonna hurt the price of Bitcoin if it's a bull market. I believe it could slightly impact they just want to get ready for massive power consumption and more people will enter into the crypto mining business just like what happened before after the block halving many people become interested in mining due to fast ROI and profitability.
They just see what will happen in the future and they just want to regulate them and push other people to invest instead in trading which is required KYC compared to mining which doesn't need KYC.

Z-tight

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This is another operation against proof of work. Since ethereum moved to a centralized proof of stake method, greenpeace began their 1 million dollars campaign against bitcoin proof of work, and this news too is along that lines.

Quote

“In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,”

Load shedding is normal in the electricity sector, it is a method they have been using for many years to prevent damage, but i feel the government are now using it to their advantage in their operation against proof of work, because why should only miners be targeted if there is need to load shed, they want to send the wrong message that mining is using up too much energy and should be stopped, but surely bitcoin is never moving to a centralized method like proof of stake.

Quote

In the long term, “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,” the commission said.

Is all of this not put up to make things harder for miners all because they do not like proof of work.

Adbitco

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We can commonly say there will be no effect of EU bans mining, if I may we can use China is a case study how they ban crypto mining yet the price didn't drastically down what we don't expect but was only dip for just within the week the law was implement so I believe same thing would likely happened to Europe. If 10% would affect the entire crypto mining No not really possible.

Captain Corporate

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Quote from: BigBos on October 21, 2022, 03:43:57 PM

Energy sector is one of the highest subsidied (after agriculture) and one of the highest lobbying sectors in the whole world. Which means that they could get away with whatever they want without a problem. Normally you would expect them to face this energy spending miners with open arms, because they are great customers right? But they have done nothing for them at all, absolutely nothing. Which shows that we are also a threat to energy sector, why? Well because miners could kickstart the "self energy sufficient people" movement, where if you are a miner, you could get solar panels and cover your expenses, people seeing that at work could do that at their home, and their friends who learn more about it could do that too and it could grow super big. This is why miners are a big risk to energy companies.

Topic: Bitcoin mining ban in Europe - page 3. (Read 883 times)