What if crypto mining is outlawed ? | Bitcointalksearch.org

South Park

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Quote from: Hypnosis00 on February 18, 2022, 06:54:49 PM

Quote from: South Park on February 18, 2022, 05:51:44 PM

Quote from: Slow death on February 16, 2022, 07:49:32 AM

Mining is a business and it will not stop, there are always countries that will accept that people mine in their country. this issue of electricity consumption is a very pointless subject to debate, banks also spend electricity, there are companies that spend a lot of electricity and pollute the environment and little is said about it, some journalists and people of extreme humor continue to speak badly of cryptocurrency mining ignore the damage that other companies are doing

This is propaganda and nothing else, they know that they cannot destroy bitcoin directly so they are doing what they have always done, trying to throw dirt to their enemies, in a way we are lucky that satoshi is still anonymous, because if he was not then I am sure that the media will keep on attacking him, but since they cannot do that then they attack bitcoin saying that is not good for the environment and other lies when in fact bitcoin is incredibly efficient when compared to the banking system.

Rich people, business owners/competitors can influence media services and tell lies for the sake of money. They have nothing to do but to ruin the image of Bitcoin by throwing negative news and pretending that they got scammed.

Well, hearing this story isn't new to us but unfortunately, they won't stop attacking Bitcoin for they are still a loser by looked. No matter what they do, they can't stop crypto and they will fail what they have planned.

This is probably what it is driving them crazy, they are so powerful and so rich and they can get away with almost anything that they want and yet they cannot kill bitcoin, they have tried every single measure that they can think of to try to destroy it and they have failed, so they are trying to deceive people into not adopting bitcoin by spreading lies about it, and I think they will have some limited success, but at the end the fundamentals of bitcoin are so strong that it is unstoppable and sooner or later it is going to be adopted by the majority of the population.

stepwilli

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I don’t really get why some of these countries are proposing a ban on Bitcoin mining. OK, a lot of them have said that Bitcoin mining consumes a lot of energy, but according to research we all know that this is not true, because Bitcoin mining consumes lesser energy than most other industries.

If you should check the energy consumption chart online you will see that the energy that is being consumed by Bitcoin is way less than so many industries out there like the building and construction, these industries consumes way more energy than Bitcoin, but no one is talking about it. But rather they have decided to focus on Bitcoin and trying to ban it just for a reason that isn’t true at all. Instead of banning Bitcoin they should just look for a better way to upgrade and maybe we can move to solar energy or any other green Energy source.

Ozero

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Quote from: Chlotide on February 06, 2022, 05:36:16 PM

China banned miners, the EU is thinking of doing the same and what if others will follow?

In a hypothetical scenario where China, US Canada, Russia, India and EU ban pow mining I doubt the smaller countries can sustain the current active miners. Hashrate would drop significantly and the network would be weaker.
Either there would be a massive investment in solar in many developing countries or we might see the first 51% on BTC (hope not).

Do you see this as a potential threat or did the fud get in my head?

In Europe, they are calling for a ban on only energy-intensive mining of cryptocurrencies with the PoW algorithm due to the energy crisis and the need to combat abrupt climate change due to increased greenhouse gas emissions. It is possible that this type of mining will be banned. But I think that not all states will make such a decision and, in addition, there are always many more places on our planet where mining can be continued.
For mining cryptocurrency with PoS algorithm and others, where relatively little energy is consumed, I think there is no danger.

Prosector

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Prohibition of crypto mining would be illogical. The generation of new crypto will be affected by this prohibition. Mining is just solving complex mathematical problems by computers. Stopping this would only limit technological development.

jaberwock

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Quote from: willoweb on February 19, 2022, 01:35:11 AM

The ban only means that somewhere else it is possible to remove such a ban or simply place mining facilities there. This has already happened with the People's Republic of China - when, after the ban, miners of cryptocurrencies went to look for new, more profitable places to work. As I understand it, they temporarily found such a place in Kazakhstan, but after the well-known events, such people are increasingly looking towards Russia, since all the conditions for mining are available there today.

That there are countries who have decided to ban Bitcoin mining, doesn’t mean that other countries are also going to do the same thing. So, I like the point you made, if one country bans Bitcoin mining, the Bitcoin mining facilities will quickly move to another country where it is legal for them to mine Bitcoin, making sure they have the resources that they are going to need for that.

Although earlier this year we all thought that Russia was going to ban cryptocurrency mining, but luckily enough they changed their mind and decided that it was going to be legal and would be mined in some of their states. So there isn’t really going to be a time where all the countries will ban Bitcoin entirely, Bitcoin mining is also legal in US and I don’t think they are going to ban it with the way things are going.

TimeTeller

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Quote from: willoweb on February 19, 2022, 01:35:11 AM

The ban only means that somewhere else it is possible to remove such a ban or simply place mining facilities there. This has already happened with the People's Republic of China - when, after the ban, miners of cryptocurrencies went to look for new, more profitable places to work. As I understand it, they temporarily found such a place in Kazakhstan, but after the well-known events, such people are increasingly looking towards Russia, since all the conditions for mining are available there today.

As the saying goes, if one door closes another opens.
The approach towards crypto varies from one country to another.
So if one country totally bans crypto mining, there will be more countries that are more crypto friendly.
Hence, it won't be a major catastrophe if one country bans crypto mining.
We have seen the effect of China banning its crypto miners, knowing how big was their influence in crypto mining.
And yet, life goes on in crypto industry. Just another bump in so many obstacles that crypto has to overcome with.

willoweb

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The ban only means that somewhere else it is possible to remove such a ban or simply place mining facilities there. This has already happened with the People's Republic of China - when, after the ban, miners of cryptocurrencies went to look for new, more profitable places to work. As I understand it, they temporarily found such a place in Kazakhstan, but after the well-known events, such people are increasingly looking towards Russia, since all the conditions for mining are available there today.

fdc3j

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Quote from: Beparanf on February 06, 2022, 08:55:47 PM

Quote from: Chlotide on February 06, 2022, 05:36:16 PM

China banned miners, the EU is thinking of doing the same and what if others will follow?

In a hypothetical scenario where China, US Canada, Russia, India and EU ban pow mining I doubt the smaller countries can sustain the current active miners. Hashrate would drop significantly and the network would be weaker.
Either there would be a massive investment in solar in many developing countries or we might see the first 51% on BTC (hope not).

Do you see this as a potential threat or did the fud get in my head?

There's always a country that will be open and accepts this thriving business due to a lot of potential profit from the tax of mining company operator. All the major mining company what matter most and they are already migrated on the country that open with cryptocurrency. The only people that will be affected by this scenario will be the small time miners that mining inside there houses. There contribution to the total mining power is not that significant so we are still good in the long run.

Actually the government can only ban larger miners, not small ones. The government can’t find out small miners because their electricity usage isn’t distinct and they can hide their connections with VPNs.

Hypnosis00

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Quote from: South Park on February 18, 2022, 05:51:44 PM

Quote from: Slow death on February 16, 2022, 07:49:32 AM

Mining is a business and it will not stop, there are always countries that will accept that people mine in their country. this issue of electricity consumption is a very pointless subject to debate, banks also spend electricity, there are companies that spend a lot of electricity and pollute the environment and little is said about it, some journalists and people of extreme humor continue to speak badly of cryptocurrency mining ignore the damage that other companies are doing

This is propaganda and nothing else, they know that they cannot destroy bitcoin directly so they are doing what they have always done, trying to throw dirt to their enemies, in a way we are lucky that satoshi is still anonymous, because if he was not then I am sure that the media will keep on attacking him, but since they cannot do that then they attack bitcoin saying that is not good for the environment and other lies when in fact bitcoin is incredibly efficient when compared to the banking system.

Rich people, business owners/competitors can influence media services and tell lies for the sake of money. They have nothing to do but to ruin the image of Bitcoin by throwing negative news and pretending that they got scammed.

Well, hearing this story isn't new to us but unfortunately, they won't stop attacking Bitcoin for they are still a loser by looked. No matter what they do, they can't stop crypto and they will fail what they have planned.

NotFuzzyWarm

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Only thing certain such a scenario is that Diff would drop like a stone and the few miners left will be popping blocks left and right... In the case of BTC still only 1 every 10 min on average but with far fewer folks being able to mine the odds of any 1 person getting it will go up dramatically.

South Park

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Quote from: Slow death on February 16, 2022, 07:49:32 AM

Mining is a business and it will not stop, there are always countries that will accept that people mine in their country. this issue of electricity consumption is a very pointless subject to debate, banks also spend electricity, there are companies that spend a lot of electricity and pollute the environment and little is said about it, some journalists and people of extreme humor continue to speak badly of cryptocurrency mining ignore the damage that other companies are doing

This is propaganda and nothing else, they know that they cannot destroy bitcoin directly so they are doing what they have always done, trying to throw dirt to their enemies, in a way we are lucky that satoshi is still anonymous, because if he was not then I am sure that the media will keep on attacking him, but since they cannot do that then they attack bitcoin saying that is not good for the environment and other lies when in fact bitcoin is incredibly efficient when compared to the banking system.

lenovop-70

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I think mining activity should be outlawed, because no one is harmed directly by it, I mean, mining could become a real job one day. After all, with the presence of miners, their existence will strengthen the work of the blockchain itself, in a certain ratio. So I don't agree with those who limit mining activities in their area, just free opinions, not meant to offend.

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Mining is a business and it will not stop, there are always countries that will accept that people mine in their country. this issue of electricity consumption is a very pointless subject to debate, banks also spend electricity, there are companies that spend a lot of electricity and pollute the environment and little is said about it, some journalists and people of extreme humor continue to speak badly of cryptocurrency mining ignore the damage that other companies are doing

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Quote from: pakdemaco11 on February 16, 2022, 03:02:18 AM

if crypto mining is banned I think the price will skyrocket because if mining is banned it will be difficult to get crypto assets without buying

Mining is dependent on the price not the other way around.
Plus, unlike oil the price will not rise like in the case of half of the OPEC cutting drilling, after one epoch and difficulty adjustment the network will run just as it did previously, 1 million miners or 10 000 after adjustments it will be the same, the only thing that will change will be the security of the network.

Quote from: so98nn on February 11, 2022, 10:11:04 AM

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

Yeah, that's what you're going to believe if you trust the bs Bukele spreads all day..
He claimed he had a 200MW drilled and ready to mine bitcoin back in July...where is it?

Salvador total energy production from geothermal (cause Vulcano energy is geothermal) is just 644 MW, assuming all that will be used for mining so current users will have to switch to something else, and 100% capacity factor you have 5Twh. Compared to 200, is 2.5%.

Countries editing the power? At what price? Grin

pakdemaco11

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if crypto mining is banned I think the price will skyrocket because if mining is banned it will be difficult to get crypto assets without buying but I think miners will still be there even if they are banned because there are so many smart and creative people who will look for flaws and find ways to mine without known.

Henrobakkara

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Quote from: Chlotide on February 06, 2022, 05:36:16 PM

China banned miners, the EU is thinking of doing the same and what if others will follow?

In a hypothetical scenario where China, US Canada, Russia, India and EU ban pow mining I doubt the smaller countries can sustain the current active miners. Hashrate would drop significantly and the network would be weaker.
Either there would be a massive investment in solar in many developing countries or we might see the first 51% on BTC (hope not).

Do you see this as a potential threat or did the fud get in my head?

I would rather have us not get ahead of ourselves in this assumption. I understand the fear of many but we have also seen cryptocurrencies adopted as a legal tender, well Bitcoin to be precise so if this is the case, maybe just that one country will be the haven for all miners peradventure what you are thinking happens which I doubt anyways will happen besides I believe other countries even if they have not adopted Bitcoin as a legal tender but they are not against it either, so I believe we are good.

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Quote from: tippytoes on February 13, 2022, 06:36:52 PM

Quote from: LUCKMCFLY on February 13, 2022, 06:22:13 PM

Quote from: so98nn on February 11, 2022, 10:11:04 AM

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

If other countries do this, then they will be dropping the axe on their own legs!

You are right, in fact this would be a great deal for El Salvador, also that there will always be ways to mine BTC so that everyone can have their transactions quickly and safely, in the case of Venezuela their government is mining, and has such control It is It is very good that everyone who decides to engage in mining has to register with SUNACRIP, this as to maintain control, otherwise if they do not do so it would be considered almost a crime, where the person or persons will be imprisoned.

Now, that we have a country which makes bitcoin as legal tender, it won't be very hard for other miners to think where they will go if situation becomes worst in their region. So I don't think it is in the best interest of those countries that are planning to ban these miners. Look at what happen when China banned their miners, some just went to other neighboring countries but others I believe, some are operating underground as there is still hashrate shown from China. Also, btc keeps surviving even without their participation, considering that China a very big country.

When China made a ban on Cryptocurrency mining, people moved towards Iran. Now there is some power issues and 80% of the miners are running it illegally. Now the active miners of Iran will look for some other country that support it. With mining when someone leaves, there are people ready to occupy the space. At any point cryptocurrency mining isn't gonna outlawed even if countries gets united. There are power issues and companies are working on it to make cryptocurrency mining power efficient.

Wawa2013

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Quote from: tippytoes on February 13, 2022, 06:36:52 PM

Quote from: LUCKMCFLY on February 13, 2022, 06:22:13 PM

Quote from: so98nn on February 11, 2022, 10:11:04 AM

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

If other countries do this, then they will be dropping the axe on their own legs!

You are right, in fact this would be a great deal for El Salvador, also that there will always be ways to mine BTC so that everyone can have their transactions quickly and safely, in the case of Venezuela their government is mining, and has such control It is It is very good that everyone who decides to engage in mining has to register with SUNACRIP, this as to maintain control, otherwise if they do not do so it would be considered almost a crime, where the person or persons will be imprisoned.

Now, that we have a country which makes bitcoin as legal tender, it won't be very hard for other miners to think where they will go if situation becomes worst in their region. So I don't think it is in the best interest of those countries that are planning to ban these miners. Look at what happen when China banned their miners, some just went to other neighboring countries but others I believe, some are operating underground as there is still hashrate shown from China. Also, btc keeps surviving even without their participation, considering that China a very big country.

In the end, a country that prohibits its residents from doing crypto mining will not stop the population using cypto. Because just like
the residents of China where their country's government forbids crypto mining, Finally, it was found that many Chinese residents moved
their mining place to other countries or even Chinese residents did it in secret. Even though if it is legalized there will be benefits that
the Chinese government can get, starting from the increase in tax income and also the economy of the Chinese population will be much
more improved. Sometimes as the holder of power, they have to be able to think wisely and be able to make decisions that do not harm
the population. It seems that the Chinese government is too selfish and did not think long about the decision to ban crypto mining.
Don't let China regret seeing other countries that legalize crypto mining, because the country has progressed, and the economy has
increased significantly.

tippytoes

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Quote from: LUCKMCFLY on February 13, 2022, 06:22:13 PM

Quote from: so98nn on February 11, 2022, 10:11:04 AM

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

If other countries do this, then they will be dropping the axe on their own legs!

You are right, in fact this would be a great deal for El Salvador, also that there will always be ways to mine BTC so that everyone can have their transactions quickly and safely, in the case of Venezuela their government is mining, and has such control It is It is very good that everyone who decides to engage in mining has to register with SUNACRIP, this as to maintain control, otherwise if they do not do so it would be considered almost a crime, where the person or persons will be imprisoned.

Now, that we have a country which makes bitcoin as legal tender, it won't be very hard for other miners to think where they will go if situation becomes worst in their region. So I don't think it is in the best interest of those countries that are planning to ban these miners. Look at what happen when China banned their miners, some just went to other neighboring countries but others I believe, some are operating underground as there is still hashrate shown from China. Also, btc keeps surviving even without their participation, considering that China a very big country.

LUCKMCFLY

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Quote from: so98nn on February 11, 2022, 10:11:04 AM

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

If other countries do this, then they will be dropping the axe on their own legs!

You are right, in fact this would be a great deal for El Salvador, also that there will always be ways to mine BTC so that everyone can have their transactions quickly and safely, in the case of Venezuela their government is mining, and has such control It is It is very good that everyone who decides to engage in mining has to register with SUNACRIP, this as to maintain control, otherwise if they do not do so it would be considered almost a crime, where the person or persons will be imprisoned.

Topic: What if crypto mining is outlawed ? (Read 676 times)