Ridiculous decision to be honest. It all stems from two things in my opinion.
1.) The powers that be do not like POW & bitcoin because they can’t control it.
2.) They are being subservient to these energy psychos.
It’s a stupid tree hugger gang appeasing move. I have no respect for it.
But you know what, a new block arrives every 10 minutes regardless of what they do or say.
#teamPOW
Topic: New York passed a bill against Bitcoin mining (Read 287 times)
This means that regulations could change the decentralization of crypto as well if it goes too far and I am not really enjoying it. I mean think about it, when was the last time a project turned from POW to POS just because any law wanted to? Never I think.
Bitcoin is not a knife edge switch between a plant and an inverter, such that when you want to use inverter light you switch over and vice versa. Bitcoin is not something you wake from the left side and change it from PoW to PoS. For that to happen means the greatest hard fork in the history of bitcoin will happen. I don't think the community can handle it now and there will never be a perfect time for it to happen.
As I always say, among all the allegations against bitcoin, including being a currency for fraud or crime to anything, bitcoin is guilty of one, which is energy consumption. Whether it is exergerated or not, it's always a weakness for bitcoin. They will always touch that point when they want to hurt bitcoin.
Then, let's advocate for green energy mining and that's the only solution.
The bill is based on bitcoin mining means,it’s very simple to understand by the layman.Bitcoin now a days was using by the layman.Even the person who cut tender coconut had their investment in the crypto currency.For the investment,they just need to know the process of the trade and not a language to communicate to anyone.Many course’s was ongoing for the uneducated people to learn trading.
This means that regulations could change the decentralization of crypto as well if it goes too far and I am not really enjoying it. I mean think about it, when was the last time a project turned from POW to POS just because any law wanted to? Never I think.
If there is a situation with Bitcoin getting banned from everywhere, just because its POW and then we all start to think maybe we should turn to POS instead of POW just to be abiding the law, then that means law would be able to force anything on us. This isn't even proper anymore, it is basically New York trying to change things on bitcoin. Sure, just because New York did it we won't change anything, but if we do see all of USA bans it, and suddenly many other big nations as well? It would be terrible.
If there is a situation with Bitcoin getting banned from everywhere, just because its POW and then we all start to think maybe we should turn to POS instead of POW just to be abiding the law, then that means law would be able to force anything on us. This isn't even proper anymore, it is basically New York trying to change things on bitcoin. Sure, just because New York did it we won't change anything, but if we do see all of USA bans it, and suddenly many other big nations as well? It would be terrible.
Cryptocurrency energy consumption, Source:fuente: https://www.xataka.com/criptomonedas/bitcoin-como-desastre-medioambiental-que-sea-mayor-despilfarro-energetico-historia-depende-su-futuro
Weird, a few years back we had these figures:
https://hackernoon.com/the-bitcoin-vs-visa-electricity-consumption-fallacy-8cf194987a50
Quote
So total consumption for banks during a year only on those three metrics is around (I am rounding) 26Twh on servers, 58Twh on branches and 13Twh on ATMs for a total of close to a 100 Twh a year. According to the article that trigger this discussion, Bitcoin annual Twh consumption is 28.67 , so currently more than 3 times more efficient than a very conservative calculation of the cost of the global banking system
Somehow suddenly banks have increased their energy consumption 20 times
You see, this is why people become suspicious of these things, you quote a paper saying that:
Quote
The latest studies reveal that the bitcoin network generates an annual consumption of 129 TWh
while the Bitcoin Mining Council issues a paper claiming that:247 TWh ENERGY CONSUMED BY BITCOIN MINING
Taking into account that the hashrate is at least ten percent since the date of the last research, it's going to be a difference between
129 Twh and 279 Twh, so which is it?
let's drop these stupid comparisons that will get irrelevant in a few years, the problem is not how much is consumed but the purpose of it.
Bitcoin serves a purpose, agriculture another, and videogaming another. If people want to play 24/7 on computers that draw 1kw, let's them play, it's their choice, but seriously stop with the Christmas lights or other things.
I'm tired of hearing every day how every damn activity is 90% -105% driven by green energy if that's so then there will be no ban in NY and they could keep on mining there and this is a no story, right?
I am sure there are lots of Bitcoin users in New York, it is time for them to come together and use their political power to vote out those that voted for the bill.
Enough of the bullying and America is still a free society that should not be held down by the will of the vocal minority, what should have been done is for the state to diversify their energy source rather than scapegoating the miners who do pay for electricity consumed.
Bitcoin mining is not the worst thing to happen to the environment, I am sure that annual wild fires and automobile fumes are much more 'disastrous'.
Enough of the bullying and America is still a free society that should not be held down by the will of the vocal minority, what should have been done is for the state to diversify their energy source rather than scapegoating the miners who do pay for electricity consumed.
Bitcoin mining is not the worst thing to happen to the environment, I am sure that annual wild fires and automobile fumes are much more 'disastrous'.
In the first place, who cares if the whole state of New York is not welcoming any mining business based on PoW? New York is one of the most regulated and the hardest to deal business with most especially connected with cryptocurrency so why bother to make business with them? There are many other states that have already signified their welcoming interest with crypto-based business including mining...so the best thing to do is to never consider New York as the base...there are now even crypto exchanges who are not allowing New Yorkers to do business with. This is not a big loss to the crypto and mining industry.
Since the government are not impressed with the amount of energy bitcoin consume they will not keep quiet about it. That's why when the woman pushed the bill they voted it up and it got approved. These are just some practice that will demean the existence of bitcoin in New York. And such mining energy critics include bankers that feel insecure about the existence of bitcoin on their job and financial business, which is taking a losing step. The best decision is for miners in New York to migrate other state will lesser restriction on bitcoin mining.
Oh, they are against it? Miners should leave this kind of place where they are always bullied to pay more taxes or follow such non-sense regulations by the government. That's why when they find a place where they find it less complicated than the other places we are seeing in the news right now, they should maximize their potential income by using 100% of their tools to mine bitcoins and take advantage of the current situation before such kind of regulations block them from making profits.
I wonder why a state in the US could just develop this kind of act against bitcoin, not in a developed country like this, it shouldn't have been from them, I think there should be better things holding other than the bitcoin energy used in mining, despite the tax impose on them i see no reason to further any ban action on miners if they cannot provide a solution to their energy consumption challenges, afterall bitcoin had a break in ATH of mining hash rate and this doesn't pose a threat in any way to deter the supply of bitcoin but rather the miners may find a suitable relocation for their mining activities if pressure continues.
Because they are now into green energy, Bitcoin mining industry is rising so maybe the New York official find that alarming level and if they didn't regulate it then provably this will create another hazard in environment. Maybe miners should find a solution about this issue and use alternative energy source which is environmental friendly so that they can continue to mine and change the current implementation.
First of all, this is New York, just a state in United States. When mining was banned in China, miners moved away from China to countries like Kazakhstan and also United States become the highest in mining hashrates generation. Miners in New York should not find it difficult to move from their state to another state in United States. But the fear is that more states in US can become hostile to bitcoin mining like the New York.Second, have you read about the bitcoin mining networt CoinShares research? If you haven't, you can click on the link on that thread provided in the link on this thread.
This was the conclusion of the research which I think is accurate in my opinion
Quote
Conclusion
In the grand scheme of things, the carbon emissions emitted by electricity providers supplying the Bitcoin mining network are inconsequential. At 0.08 % of global CO2 emissions, removing the entire mining network from global demand—and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money—would not amount to anything more than a rounding error.
In the grand scheme of things, the carbon emissions emitted by electricity providers supplying the Bitcoin mining network are inconsequential. At 0.08 % of global CO2 emissions, removing the entire mining network from global demand—and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money—would not amount to anything more than a rounding error.
Bitcoin do not consume electricity like many other industries, many miners are using clean energy like Solar, Wind, Nuclear and Hydroelectric power for electricity which do not produce or release greenhouse gases that can result to global warming. This is just hostility.
This is what I call a "Double Tap" attack on Bitcoin....
1. The Banking industry and some governments are working together to stop PoW mining ...by using laws like this to restrict it.
2. They want PoS because they know that they can pump millions of Dollars into PoS mining to get enough stake to control a large portion of the Bitcoin mining. (A solution that will be easier to implement, without the need to setup large mining farms with complicated and expensive ASIC mining equipment)
So, it is all about Money & Power again..... and they could care less about greenhouse gasses and harmful emissions for the environment.
1. The Banking industry and some governments are working together to stop PoW mining ...by using laws like this to restrict it.
2. They want PoS because they know that they can pump millions of Dollars into PoS mining to get enough stake to control a large portion of the Bitcoin mining. (A solution that will be easier to implement, without the need to setup large mining farms with complicated and expensive ASIC mining equipment)
So, it is all about Money & Power again..... and they could care less about greenhouse gasses and harmful emissions for the environment.
Oh, they are against it? Miners should leave this kind of place where they are always bullied to pay more taxes or follow such non-sense regulations by the government. That's why when they find a place where they find it less complicated than the other places we are seeing in the news right now, they should maximize their potential income by using 100% of their tools to mine bitcoins and take advantage of the current situation before such kind of regulations block them from making profits.
Bitcoin proved itself as a very useful asset during war, Ukraine was one of the major adopter of bitcoin in 2021 and fleeing Ukrainians relied on digital asset for storing liquidity at time of war, when banks and other financial institutions are not functioning. The world poured donations in form of bitcoin, providing crucial humanitarian support to refugees of Ukraine. Russia too, after being removed from international financial system relied on crypto as alternative financial asset. This is the proof of work of working of crypto as a useful currency, which has several advantages over fiat, including higher reliability. This however cast a doubt over conventional international currency, that is dollar. However the time of skeptics is long gone and denialism and sanctions wont work. Rather than finding the reasons to block and ban . US should think of work and earn.
Bitcoin is here to stay and countries which understand it will reap the digital gold
Bitcoin is here to stay and countries which understand it will reap the digital gold
Recently, the council of the mining made a request to the Environmental Protection Agency of the United States, by means of a letter. In it, several important points were discussed, on the one hand when the miners were classified as "polluting communities". Thing that the BMC refuted alleging that
It is also commented that proof-of-stake (PoS) processing is less power intensive, they stated that
From my point of view, if mining complies with fundamental environmental statutes, it should not have restrictions or, in one case, be prohibited.
SOURCE: https://cointelegraph.com/news/bitcoin-miners-rebut-claims-made-by-us-democratic-legislators-to-epa-administrator
Quote
Bitcoin mining facilities do not produce pollution, but power generation facilities do.
It is also commented that proof-of-stake (PoS) processing is less power intensive, they stated that
Quote
Since proof-of-stake and proof of work are qualitatively different, it's misleading to refer to proof-of-stake as a more "efficient" form of proof-of-work, since it doesn't accomplish the same thing.
From my point of view, if mining complies with fundamental environmental statutes, it should not have restrictions or, in one case, be prohibited.
SOURCE: https://cointelegraph.com/news/bitcoin-miners-rebut-claims-made-by-us-democratic-legislators-to-epa-administrator
Because they are now into green energy, Bitcoin mining industry is rising so maybe the New York official find that alarming level and if they didn't regulate it then provably this will create another hazard in environment. Maybe miners should find a solution about this issue and use alternative energy source which is environmental friendly so that they can continue to mine and change the current implementation.
Im not really that too convinced with environmental issues about bitcoin or crypto mining i would say.I do rather believe that pollution made out by factories or million of vehicles is the one shouldreally be in concern of if they do really mind off about being green and not just focusing just with this mining it would say which i do see that it do only give out small siginificant effect
in terms to environtment.They are really just making of use with those kind of reasoning for them to input some bill or laws against it which is
pretty obvious imho.
Because they are now into green energy, Bitcoin mining industry is rising so maybe the New York official find that alarming level and if they didn't regulate it then provably this will create another hazard in environment. Maybe miners should find a solution about this issue and use alternative energy source which is environmental friendly so that they can continue to mine and change the current implementation.
Banking systems, Governmental bodies and Gold mining, these are the top ones using the most amount of energy and bitcoin mining comes after them. Now these things can be resolved by:
1. Adopting greener alternatives
- Using renewable sources of energy
- Making better policies
2. Crypto mining is a growing industry and with growth comes a lot of responsibility as well and therefore the government can very easily support and provide alternatives.
-What will happen to already existing miners if the government continues to create negative mark on bitcoin mining ?
-The bill could have been undergone few reforms and been more responsible as well there is always a way countries like El Salvador is already experimenting on their volcanic bonds as well.
-This bill is ill placed and is a camouflage for other industrial pollution as well, all the responsibility is not on crypto mining. Sooner or later one have to switch to greener energy, how about allowing the green miners to work ? Give them incentives?
1. Adopting greener alternatives
- Using renewable sources of energy
- Making better policies
2. Crypto mining is a growing industry and with growth comes a lot of responsibility as well and therefore the government can very easily support and provide alternatives.
-What will happen to already existing miners if the government continues to create negative mark on bitcoin mining ?
-The bill could have been undergone few reforms and been more responsible as well there is always a way countries like El Salvador is already experimenting on their volcanic bonds as well.
-This bill is ill placed and is a camouflage for other industrial pollution as well, all the responsibility is not on crypto mining. Sooner or later one have to switch to greener energy, how about allowing the green miners to work ? Give them incentives?
If they would like to ban Bitcoin mining, they also have to ban Gold as well. But they don't as it was in their control.
They just point out the high energy consumption but I don't think it is really the reason behind this bill? It was found to be questionable and the judgments seem different but what I think is that they would like to control Bitcoin. In fact, we could notice that governments are supporting centralized exchanges compared to DEXes. This means they have the reason why they hate Bitcoin and would like to stop it.
They just point out the high energy consumption but I don't think it is really the reason behind this bill? It was found to be questionable and the judgments seem different but what I think is that they would like to control Bitcoin. In fact, we could notice that governments are supporting centralized exchanges compared to DEXes. This means they have the reason why they hate Bitcoin and would like to stop it.
Proof of work is something that the governments are unhappy about it and many bitcoin haters attack the bitcoiners because of that, also the people who care about the environment will blame the miners for consuming too much energy for mining bitcoins, passing a bill and report against the bitcoin miners can be one of them, we cannot be sure about the report and how exact it is but still if you consider the traditional banking system as a competitor of bitcoin, banking systems cost much more, also the yearly costs for the paper currency minting is a lot more than bitcoin.
Although there is currently talk of an acceptable energy for mining known as PoS energy or also as renewable energy,
There is no mining defined in PoS.In fact PoS is a centralization scheme that open up room for a lot of attacks against the decentralization and security of the coins that use this algorithm. One of the simplest that the governments love would be to crack down on a centralized exchange like Binance that hold a large number of a PoS shitcoin or the foundation of that centralized PoS shitcoin like ETH 2.0 and by taking those coins they can have full control over that shitcoin's blockchain.
This is impossible in PoW.
Jump to: