Topic: Bitcoin mining ban in Europe (Read 883 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

The renewable energy solution is something for all the things that spend energy in the world and yet we are still not moving fast enough. Maybe not many people will agree with me here, but for the past 20 years we are going towards an unrecoverable climate change which is ruining the world, and two things are the main cause of it.

One of them is spending energy that we do not have, and then creating it from fossil fuel, and the second one is pollution which is of course directly related. If we could end up with something that is a bit cleaner then we would have been at least not go beyond unrecoverable levels, but we didn't and now its too late, humanity will face a huge crisis and everything will be worse.

bitcoin at 260exa is ~2m asics of 3kw= 6gw/hour world wide
quebecs 320mw is 106,000 asics

here is the thing.
electric cars use 1kw/4 miles so an average car doing 12 miles a day
(im using low numbers on purpose)
3kw a day.
which if say there was just 4 million car drivers in quebec
(im using low numbers on purpose)
is 12GW/day = 500mw/hour

so if quebec cannot cope with 320mw. then it definitely cant cope with 4million car drivers in coming years..

and thats even on reserved low numbers.. yep car industry would use more then bitcoin does in quebec

oh and by the way average car mileage per day is higher and there are more then 4m car drivers in quebec.

Any PoS coin network that has 5 people controlling over 51% of the stake is more decentralized than Bitcoin where only 4 people (mining pool operators) control over 51% of the hashrate.

The so-called bribe attack is pure nonsense. You basically created a calculations on future variables that eats up more CPU & Ram ,
in other words you created a PoW in PoS, that literally gains you nothing except more wasted energy.
You might want to actually read up on PoS.

PoS:
Staking coins compete to create the next block based on the code parameters , which different PoS coins use different code.
Staking coins go dormant, after stake decreasing % , so more than 51% is needed to attack.
Staking coins can earn rewards, transaction fees can be earned or burned depending on specific PoS code.
*Specfic to Ethereum PoS code, if you attempt a 51% attack all of your coins will self-destruct.*

PoW:
Wastes enough energy to make a Grid unstable, which sets it up to be banned by Governments
Only takes the Collusion of 4 people (mining pool operators) to 51% attack for the last few years.
As PoW rewards drop, the incentive to selfish mine and collude in BTC increases.
No Limits on how long a 51% attack can last.

Bitcoin lack of leadership , means their is no one to coordinate a successful conversion to PoS.
Which would take years, as their are multiple decisions to be made and no one to make them.

Any move will have an impact, switching Bitcoin POW to POS is stupid. Bitcoin can even switch to POS at any time, but is that the best way?
Please note, when Bitcoin is transferred to POS, bitcoin is no longer decentralized, POS only changes bitcoin to be centralized and that is not the purpose of bitcoin.

There's nothing wrong with using POW for bitcoin anyway, POW is even more powerful than POS even though it uses more energy. Each Technology has its own risks, PoW and PoS networks are equally vulnerable to Denia of Service (DoS) attacks.

A weakness in the PoW networks specifically is the Selfish Mining attack, a condition in which attackers broadcast picky blocks to waste the computing power of honest miners.

A weakness in the PoS networkis that it is vulnerable to Bribe Attack attacks. In this condition, the attacker makes transactions and then builds a secret alternative chain before the block contains the transaction. Furthermore, after the transaction is confirmed, the attacker's alternative chain becomes longer than the valid chain where the attacker will broadcast the alternative chain. As a result, the alternative chain will be accepted as a new chain and considered valid then the attacker's transaction is reversed.

If bitcoin wants to remain decentralized then PoW is the perfect network.
The use of a lot of energy can be overcome by using environmentally friendly and renewable energy, it will be a good solution instead of having to move to a PoS network which is certainly more centralized.

It's a bitcoin mining ban, although Europe has stored enough gas for this winter, if the climate changes abnormally, they will still be short of gas, so limiting energy use is extremely urgent now. Traditional manufacturing companies have also had to close due to lack of energy, so their ban on bitcoin mining is understandable. But what worries me is whether when the gas supply returns to normal, the energy stabilizes, will these mining bans be lifted or will they stay in place forever? because they always put the thing that bitcoin consumes energy and that is an excuse for them to find a way to get rid of bitcoin, they always wanted to do this before the crisis hit.

I'm not surprised. With rising energy costs worldwide, it's expected most countries will turn their stance against PoW mining. That means Bitcoin will have a smaller network hashrate in the future, resulting in lesser security against external attacks. Unless all of the miners switch to alternative energy sources, don't expect things to get better anytime soon. I just hope the US doesn't join Canada and the EU in banning PoW mining, since most of the network hashrate comes from there (as far as I know).

Imagine how disastrous would be for Bitcoin if a global superpower like the US decides to ban PoW mining to pursue its "green energy" agenda. That would influence more countries to do the same. ETH and other major cryptocurrencies have turned themselves to PoS, so we're going to have to see whenever Bitcoin will remain PoW for long or at least switch to a hybrid consensus algorithm (PoW + PoS). No one knows what's going to happen in the future, so we can only hope for the best.



To explain it simply, PoS is VERY bad for Bitcoin and shouldn't be adopted by the community in the first place. A hybrid approach (PoW + PoS) would be better as it would allow Bitcoin to remain decentralized while also being friendly to the environment. It would be just like how Peercoin (PPC) is today. You can see how destructive PoS or any of its variants can be (such as DPoS) when only a few control a large portion of the cryptocurrency's circulating supply. A PoS-only blockchain network would make big exchanges like Binance and Coinbase more powerful then what they are right now. These companies would use customer's holdings to make key decisions on the Blockchain. Instead of a person being the "shareholder" of the company (in this case, the Blockchain), the wealthy would be able to do as they wish with their money. It's a terrible concept that leads us back to the traditional world of banking.

Unfortunately, ETH has lost its luster by defecting to PoS. Most of the altcoins have abandoned PoW, so it seems that Bitcoin would remain as the sole PoW cryptocurrency in the world. I wouldn't mind about this as long as decentralization wins in the end. Just my thoughts

I don’t want to escalate my thoughts to this level because no one can really digest the fact that bitcoin getting turned into PoS mechanism. First of all big institutions whose holding millions of bitcoins can easily control the market if stake based system is imposed. Plus it will be very complicated to make it stake based considering Mr Satoshi is holding pretty good amount of bitcoins and thus it could put everything into jeopardy if someday they stepped in and started selling. I am not sure if that’s how staked will work but in as common user that’s terrifying thought.

Don't forget to add Canada to the list. 

https://cointelegraph.com/news/quebec-s-energy-manager-to-seek-government-approval-to-stop-powering-crypto-miners

That's ultimately their agenda. They want to force Bitcoin developers to defect towards PoS, in order to centralize the Blockchain for good. And what better excuse than saying Bitcoin's PoW model is "harmful to the environment"? You can see how ETH turned into a centralized "shitcoin" after it switched to PoS. Many have praised ETH's move towards "energy efficiency", but that has ultimately sacrificed the Blockchain's decentralization and censorship-resistance. ETH is now the governments' playground to do whatever they want with it. Imagine big validators (stakers) censoring transactions in order to comply with US sanctions. That would greatly undermine crypto/Blockchain tech's promise of "banking for the unbanked". Using a centralized PoS coin, would be no different that using banks.

I hope Bitcoin stays a PoW coin even if that means a full ban from the EU (and possibly the US). Decentralization needs to prevail in order to help bring people with true financial freedom. How would Bitcoin strive to be different from Fiat if it sacrifices decentralization in favor of performance and cost-efficiency? No one knows what will governments will come up with next, so we should be prepared for the worst. Just my opinion

It should be fossil fuel ban for sure, not bitcoin mining ban. There is a good chance that it will happen in the future when we are not dependant on it, but for now we are, look at the situation in europe with gas and oil not coming from russia for example, they literally went back to firewood which is like 100+ year old solution to heating. This is why its much smarter to invest tens of billions of dollars into renewable energy, so that every single nation would be able to survive without needing to kneel before any other nation just for some gas. Bitcoin is spending energy, we need some changes in making it.

10% is nothing that can't be fixed pretty fast. Even when China, which back then had more than half of mining, banned it, the market adjusted pretty fast and enough miners relocated to other countries. So the biggest amount of negative effect from it is to miners who live in the EU specifically. Now is an unfortunate timing for Bitcoin mining due to not only environmental concerns but also energy insecurity and increasing prices. But even in Ukraine, where even basic electricity is currently clearly a big issue, so there are rolling blackouts and everyone is asked to use less energy if they can, a mining ban isn't being discussed.
I hope it won't come to an outright ban, even under current circumstances.

I don't know why this new sustainability saga is going around the World. Almost every business these days have to showcase their contribution to environment. I don't think this is wrong but to be true most of it is just a sham and actuality is far away from truth. Companies often say false in these statements. Talking about bitcoin the only way it can be energy efficient is if it shifts to mining using only and only renewable energy methods which is very difficult considering most of the mining is still done in developing nations, other way out is to shift to pos which will defeat the very purpose of bitcoin so makes no sense to shift on that as well.

Only discourse and still in the stage of making rules, they only try to make the energy produced by crypto miners more efficient. But actually the energy efficiency needs by miners are not too large. I have read some news about the needs of electrical energy for miners, even the need for electrical energy is much lower compared to the needs of large companies that are widened in several regions of the European Union.
More precisely this is just an idea to find a special formula for the problems faced, so this principle in my opinion is not too efficient.

True, but does not have a strong reference that Europe represents 10% appropriately.

Not fully bitcoin influenced by things like this, China has made a strong ban on Bitcoin and Crypto mining in general, but Bitcoin is not influenced by the country, the decline in Bitcoin prices is caused by several more dominant things, rather than measured by Prohibitions caused by certain countries, because Bitcoin is not bound by state rules and is influenced by just a few people.
The price reduction process for Bitcoin has no connection with this kind of prohibition case, because several other countries also impose previous restrictions, but Bitcoin is still fine today.

From your suggestion, I suspect they are doing all this to force bitcoin to move POS so it's easier for them to control bitcoin. Their goal is not to ban or kill bitcoin but to control and the only way to control bitcoin is to find a way to force it to move to POS like ETH. If bitcoin goes to Pos it will be the end of us, we will be controlled by the government again, I would rather accept the ban than have to use bitcoin Pos. Bitcoin would be like fiat today.

Maybe I'm wrong, but the last time I looked, only Germany had a little more than 3% of the total hashrate, all other countries were far below 1%, so it didn't seem to me that such a ban would seriously affect the overall picture. Besides, who has any motivation to mine Bitcoin in the EU where electricity has always been expensive, and now that price is even higher?

I know that there are some projects in Italy (if I'm not mistaken) that use hydro energy from several small sources, and there are probably some more specific cases - but this whole POW ban thing will end up costing more than the effect it will have. When we know that the EU, under the pressure of expensive energy sources, began to turn away from its green initiative and put all the polluting industries into operation, we can rightly ask where all these bureaucrats find meaning in what they do...

This would be terrible for the crypto community and I hope it's not going to happen. The number of crypto investors is much higher than the 10% share Europeans have on mining. If mining would be banned now in Europe this would create a lot of uncertainty about the future of cryptos all together. At the beginning of the year there was already a campaign in the EU parliament to regulate cryptos more heavily. All theae anti crypto movements is making investors more cautious and will lead to some of them selling their holdings. After the ban we will see a drop in prices for sure. The last few attempts by European politicians to regulate crypto currencies could be prevented by the majority. And right now it seems that nuclear energy is becoming the main focus again to provide energy in the future, it's one of the cheapest energy sources. This will hopefully take away some of the pressure crypto mining gets in Europe.

EU can completely ban mining - which I doubt they can do it 1oo% like China did - and this will not create any long-term effect on Bitcoin at all. For as long as money can still be made in mining crypto, there will always be places that can take the opportunity. As far as mining is concerned, we are talking here of a global potential of doing business...when we lost some places there will always be replacements...again as long profits can still be made. I am more concerned if mining will already be a loss proposition because that can be the time when there will be less mining operators.

it's true as you said only 10% of them banned bitcoin mining in the EU, because there are indeed some investors and even government officials voted against the ban on bitcoin mining in the EU, because according to investors and some people in the government they are very confident that the crypto industry can score big wins in Europe, despite the government banning crypto mining in Europe but crypto-based companies, such as exchange platforms and storage services are not affected at all.

It seems to me that the EU has rushed its "anti-crypto mining agenda", because of rising energy prices within the bloc. None of this would've happened if Russia didn't invade Ukraine in the first place. Besides, the EU only consists of a small portion of mining hashrate compared to the rest of the world. If Bitcoin can no longer be mined within the EU's member states, miners would simply move their operations to another country with crypto-friendly laws. It would be just like China's Bitcoin mining ban which forced miners to move to another country.

This shows us the resiliency and strength of Bitcoin as a decentralized cryptocurrency no one can stop. If it were centralized, Bitcoin would've died the moment the Chinese government decided to make mining "illegal". Many crypto coins are switching to PoS, so it's likely Bitcoin will remain the only PoW cryptocurrency in the world. Just my opinion

There won't be ban, and just 10% of global mining of Proof-of-works is actually not much of a factor, European union shouldn't speak for member states in the aspect of energy for mining bitcoin. Each member states generates their energy.

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.

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

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.

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.

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.

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.

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...

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

Of course if Europe represents the amount of 1% enough to have an impact on Bitcoin especially its price. It's just that behind the policy I am quite suspicious that people who have control over the policy are leading an opinion on the availability of energy which is now increasingly narrowed. Russia has also cut its supply to Europe where other energy has been forced to save.

From a particular angle i think it won't but 10% is not a small number that can effect the Network in my Openion still i think network is way more distributed. In the term of price fluctuation i think it won't be much aggressive as i think maximum of the captulation is done on JULy and then in September so i can feel that it won't effect any much.

Lets watch as i was expecting some good News but here it is one more bad news.. Bht nothing to worry 😉 as News is news haha atleast BTC is still being discussed which can be a +ve point.

Exactly what will just happen. all heavy miners will just have to relocate to somewhere safe, if the equipment will be heavy for them to carry then will have to sell it.
if not for the amount of energy that is being consumed miners can easily operate underground but the government will have to track energy usage.
So far as the miners are making a profit and they can't just close their businesses, they will just have to move their businesses to areas and places where they will be accepted with open arms.
And I don't even think it reduces BTC price in any way it will only slow down the amount of time it takes to complete a BTC transaction a little, which will make not much difference.

It is definitely anti-bitcoin, but I think that all bitcoiners got used to that by now. And no, I don't expect it to affect bitcoin price much in the long term.



Keep in mind that in that article they count all crypto mining and not just bitcoin so the actual percentage of bitcoin mining is even lower, meaning it would be even less of an impact.

in the past we have seen the ban of mining in China that was an huge amount of hashrate.
miners have just relocated their operations or sold their mining equipments to other users.
For what I have seen price has been interested in a short timeframe but after while this has not any real impact.

In this case, there is just a tiny amount, I don't see any real threat for btc price.

If it's only 10% as stated then VERY short term it might matter, but in the long run probably not.
There are enough green / renewable places to mine for people that want it. And enough other places that don't care where you can have mining farms.

And lets face it, no matter what you are never going to stop home mining and small operators. If you force the big players out of an area out it just means more and cheaper equipment for others.

-Dave

Of a certain this can affect the price of Bitcoin. As we all know Europe is a very big factor in terms of its global Crypto-currency activities, so a ban to mining mining in Europe would really cause a very noticeable reduction in mining and may also affect the transactions confirmation timing.

Although realistically I don't this it's possible to completely ban mining in Europe, it just an informal way to make mining even more expensive and cut out some miners. But this topic would raise eyebrows to the importance of having more energy efficient way of mining

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?