Is it possible to shut down the mining field in the future?

barneystinson

jr. member

Activity: 103

Merit: 1

Quote from: prlelbnwh on January 15, 2018, 03:03:57 AM

Is this possible? Some governments have begun to regulate.

Possible to shutdown = NO
Possible to regulate = YES

Regulation and shutting down are two different things. So if you are a miner and your concern is the stoppage of your mining business, then don't be afraid of it because I don't see a future that the government will ban mining.

buwaytress

legendary

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Impossible to shut down Bitcoin mining - most of it was already running under the radar for many years anyway and, outside of some of the biggest companies, Bitcoin mining is still highly secretive, so any effort to clamp down on it would only serve to push it further underground.

What's the worst-case scenario? Far fantasy:

All the industrial rigs are too big, too powerful to remain undetected and get shut down? Then the Bitcoin network slows down for a couple of weeks, difficulty readjusts and everything is back to normal. Theoretically, if somehow the crackdown gets so efficient and goes global, that anything ASIC would have its consumption detected and shut down, then we return to GPU mining. And lower, and lower.

zentdex

full member

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Do you read or ever hear the news from China?. Already, they close down household digital currency trades and boycott beginning coin offerings (ICOs). Also, presently, China is eyeing on sites and versatile applications that offer cryptocurrency exchange. Their administration wanted to totally prohibited bitcoin mining in there, their reasons are, the enormous commitment of to power stack and other ecological concerns. Those means are the pointers China won't permit other nation and even money to be executed inside their nation.

fusepay

member

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Cities, states and even countries have tried shutting down crypto, and in a couple of cases they profited whilst other lost out, the NEO debacle for instance, now Ripple is the next government and banking scam. There will always be attacks on Bitcoin and its crypto alts, but it can never be shut down, not in its entirety, at least not on a network consensus scale, and even then there will be diehards..

stompix

legendary

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Blackjack.fun

Quote from: avikz on January 15, 2018, 03:55:41 AM

Bitcoin mining requires serious amount of power and it is provided by the government. In majority of the countries government provides power in a subsidized rate, so if anyone is running a commercial mining operations like selling haspower to the open market, government can certainly regulate this because they are making profit from the subsidized electricity. Till date only China has started to regulate the bitcoin mining operations and slowly they will close all commercial mining operations.

Where do you live? North Korea?

The government is not providing any power in most developed countries.
There are companies that produce, sell, trade and deliver electrical power. Some, a tiny procent are partially owned by the government but most are not.
The ignorance on this forum.....

Quote from: prlelbnwh on January 15, 2018, 03:03:57 AM

Is this possible? Some governments have begun to regulate.

Regulate does not mean banning.
So... what are you really trying to say?

xiaozhang11

newbie

Activity: 70

Merit: 0

I think the possibility of closing is very low. Now coin has a very good development trend. In the future, it will reach a higher level, and the mining area is the place where coin is produced, and it cannot be closed.

michael shikany

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The Chinese government has started to close mines, and China's mines are already moving to other countries, so there is no need to worry about the problem, although most of the effort is concentrated in the hands of Chinese miners.

avikz

legendary

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Bitcoin mining requires serious amount of power and it is provided by the government. In majority of the countries government provides power in a subsidized rate, so if anyone is running a commercial mining operations like selling haspower to the open market, government can certainly regulate this because they are making profit from the subsidized electricity. Till date only China has started to regulate the bitcoin mining operations and slowly they will close all commercial mining operations.

However, if you are mining from your own profit and not selling the hashrate to the market, your mining should not fall under the regulated category and your mining operations can still receive subsidized electricity. But again, these decisions depends on your local government. So it is better if you check with your local government representative about this.

Kotone

hero member

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Quote from: prlelbnwh on January 15, 2018, 03:03:57 AM

Is this possible? Some governments have begun to regulate.

With the banning of some countries in Bitcoin and other cryptocurrencies then i think it is really possible for a government or a group to shut down the mining capability of cryptocurrencies and block us in accessing and utilizing this. However it is still a long way of but I am not denying the possibility that this things might happen especially with how we have progressed

jinksters09

member

Activity: 126

Merit: 16

Yes of course anything can happen in this odd world we are living in and besides the besides the government are the one responsible in putting rules, restrictions through regulations in their handled country. So they can definitely put such things through banning or etc.

jseverson

hero member

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You mean Bitcoin mining? As far as I know, only one country that doesn't completely ban Bitcoin is looking into regulations, and that's China. It's not even a sure thing that it's going to push ahead, and people have no idea why they even want to regulate mining in the first place.

That leads me to my answer, which is that you can never really discount the possibility, especially given the growth of Bitcoin's electricity consumption, but I feel that it's too early to be worrying about mining regulations (Outside of China, at least). Countries don't really have any reason to want to curb it, and what people do with electricity they pay for should be no one else's business. The only reason I can see is that the massive use could be harmful to the environment, but its current impact is still nothing in the grand scheme of things.

prlelbnwh

member

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Is this possible? Some governments have begun to regulate.

Topic: Is it possible to shut down the mining field in the future? (Read 152 times)