Topic: What if Bitcoin mining becomes illegal world wide? (Read 3250 times)
Mining is one of the way to gain more Bitcoins around the world using just electricity, internnet connection and a powerful computers. If mining would be illegal the supply of Bitcoins will be stock on 16M. Ofcourse some of us here just holding bitcoins and not letting it to circulate, therefore we might not have one bitcoin out of 7 billion people around the world. Thats on my opinion only. Have a nice day
The likelihood that mining will be banned is equal to zero. On the contrary, now more and more countries and large companies consider bitcoin as a payment system.
If Bitcoin mining will become illegal world wide, there will be less transaction will be made and the time of every transaction, time of confirmation will be delayed. Because most of miners are the one who process every transaction of Bitcoin mining. Let's just not hope that it will be ban, it will make a big FUD if that will happen.
If mining stops then bitcoin stops. But i don't actually see a reason for mining to be illegal unless the reason is that they see it as a threat. But what they can do is to implement regulations. But they cannot suddenly stop bitcoin. It actually also benefits the government or the economy.
If Bitcoin mining will become illegal world wide, there will be less transaction will be made and the time of every transaction, time of confirmation will be delayed. Because most of miners are the one who process every transaction of Bitcoin mining. Let's just not hope that it will be ban, it will make a big FUD if that will happen.
If mining stops then bitcoin stops. But i don't actually see a reason for mining to be illegal unless the reason is that they see it as a threat. But what they can do is to implement regulations. But they cannot suddenly stop bitcoin. It actually also benefits the government or the economy.
If Bitcoin mining will become illegal world wide, there will be less transaction will be made and the time of every transaction, time of confirmation will be delayed. Because most of miners are the one who process every transaction of Bitcoin mining. Let's just not hope that it will be ban, it will make a big FUD if that will happen.
Bitcoin is not owned by any country, so it is impossible to prohibit Bitcoin all over the world. At present, some countries in Europe have adopted Bitcoin in paying for goods and services. And they started spreading to America, and then Africa and Asia. I think Bitcoin is a sustainable development.
I always think and share my opinion that one of the risks of Bitcoin is that it is being banned by the government of a particular country. But with this idea, given that it is really possible, then that would only be a big disadvantage for Bitcoin holders. But I do not think this will happen in just one click. If this is going to happen, it will happen for the country and nation by nation. With that, my suggestion and what most people will do is to sell their Bitcoin if we've seen that it's getting banned in other countries, I hope more bitcoin is supported, and other big companies also support bitcoin in the future .
You cannot really stop people from using bitcoin because you cannot legally stop people from using the internet and anywhere there is internet, there will be bitcoin.
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
Lets discuss
It never comes to my mind .. my question is how do they illegalize mining if it just only solving math problems and how would they make applications that prevents the mining happen.. if they have the ability to do that then it will be the end to bitcoins circulation... no one will confirm and process the transaction and also bitcoin will stop circulating.. thats my opinion
I think this will not happens because of mining help government to earn money on electro and they ear a lot of money and profit from miners to sell electro to them , also mining may be will get some taxes in future from earning money we will be needed to pay some extra fee for that but i do not known how they will control that.
The development of Internet technologies is an undeniable fact. Mining is an integral part of cryptocurrency development.Extraction of virtual money is also an undeniable fact.To prohibit mining is at least stupid.I agree that mining has a high load on the grid and requires a cooling system. But if a person pays for electricity in good faith, no one can forbid him to work with the equipment.Anyone can engage in the extraction of cryptocurrencies. Home mining cryptocurrencies other than bitcoin is quite affordable.Allow resources and technology.There is no official ban yet.
Crypto-currencies in Russia are not prohibited. Of course, the topic of whether it is legal to engage in mining in Russia has been raised more than once, but there are officially no prohibitions. So anyone can get involved in the production of crypto currency.
I don't think that the government could prohibit bitcoin mining (but I think yes, they can) and bitcoin mining becomes illegal because they need to shut down the internet and this is the main factor for mining bitcoin. many people will become angry if the internet is shut down. the bitcoin mining depends on the internet connection and the internet was spread on all countries.
No Government can ban or stop mining in this world it is decentralized completely governments may not give permission of establishing large mining farms but chances are less bitcoin protocol is completely held by peer to peer
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
Lets discuss
Thinking about it, when mining ends, the bitcoin supply will no longer collect more and more bitcoins thus lessening the total amount of bitcoins globally. So in case we have coins locked in some abandoned address, we will have less and less supply thus making bitcoins more expensive, making bitcoins more risky to pop.
There are more than 230 countries in the world, and I don't think that mining can be banned in all of these nations at the same time. Even if all the countries ban Bitcoin mining, there are dozens of other options. We can shift mining rigs to ships anchored in international waters and connect to the internet using satellite phones or Dish antennas.
230 countries.
But you will have to cut off the list those that don't have enough energy or the energy is so costly it does not make sense to mine.
And mining in international waters, aside from being taken as a funny joke it's impractical.
You would need massive amounts of fuel, generators, and above all protection.
The cost would be so high it would not make sense to build a farm on the open seas.
The only way a complete international ban might be avoided would be by totally decentralized miners doing hobby mining with 1-2 miners at home, after all , the chain can run with a single miner.
But in this case, a 51% attacks has an almost guarantee chance of success.
how they know this place mining or not.
bitcoin fee will be big and network slowly.also may end bitcoin
bitcoin fee will be big and network slowly.also may end bitcoin
Bitcoin fees and speed of tx are not affected by the number of miners.
How would they know?
Simple, checking who does more than 900kwh a month.
Since:
http://shrinkthatfootprint.com/average-household-electricity-consumption
In the US typical household power consumption is about 11,700 kWh each year, in France it is 6,400 kWh, in the UK it is 4,600 kWh and in China around 1,300 kWh. The global average electricity consumption for households with electricity was roughly 3,500 kWh in 2010.
There is no country besides the US and Canada where the average household consumes even 2/3 of what an s9 does.
So it's like cherry picking.
If bitcoin mining becomes illegal more people would want to invest in it because illegal things are often desirable to people
The prices would increase and bitcoin would still be used in dark web
It wouldnt affect much if bitcoin became illegal
The prices would increase and bitcoin would still be used in dark web
It wouldnt affect much if bitcoin became illegal
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
Lets discuss
how they know this place mining or not.
bitcoin fee will be big and network slowly.also may end bitcoin
There are more than 230 countries in the world, and I don't think that mining can be banned in all of these nations at the same time. Even if all the countries ban Bitcoin mining, there are dozens of other options. We can shift mining rigs to ships anchored in international waters and connect to the internet using satellite phones or Dish antennas.
if ever bitcoin mining will be ban and illegal world wide then bitcoin will surely die without faster mean of decoding every transactions it has.
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