Will countries ban Bitcoin mining due to environmental concerns? - page 2.

zeuner

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Quote from: Abiky on June 08, 2022, 06:25:09 AM

Most recently, the state of New York (in the US) passed a bill to ban Bitcoin mining due to environmental concerns. Some time ago, the EU did something similar (although it came into law) making both investors and miners largely concerned about the future of PoW cryptocurrencies like Bitcoin and Dogecoin. If FUD related to PoW mining damaging the environment persists (remember Elon Musk also criticizing Bitcoin?), then cryptocurrencies with PoW algorithms will be forced to switch to PoS altogether. Bitcoin will be the mostly affected since it's the biggest PoW cryptocurrency in the world. Growth for the pioneer cryptocurrency will stifle, forcing miners to close down their business for good.

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

Bitcoin mining energy consumption is just a symptom of possibly (considering environmental concerns raised lately) too cheap energy prices. If energy became 10 times as expensive, difficulty would just adjust, and energy consumption would drop.

Therefore, banning PoW mining would not really be an example of sane politics. Not saying that it won't happen - insane decisions in politics are surprisingly common. But the most reasonable approach towards environmental concerns would be to just tax electrical energy. This way, not only Bitcoin energy consumption would drop, but also energy consumption of other industries that are less transparent about how much energy consume, compared to Bitcoin.

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There's a good chance they may impose restrictions or outright bans on small-scale bitcoin mining because it is the most deteriorating form of crypto mining that exists today. Large-scale minings aren't that debilitating as they use their very own energy source as a way to power their operations. Small-scale GPU/CPU miners use their local grid's electricity supply and therefore their local energy resource to power their operations which is not only sustainable on the provider's part, but is also detrimental to the quality of the environment. Add to this the fact that more and more people are becoming more aware and active in protesting for the welfare of the environment, and it's sure as shooting that they'd impose such bans in the future if this type of situation keeps up.

mvdheuvel1983

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Quote from: Abiky on June 08, 2022, 06:25:09 AM

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

There is no denying that mining bitcoins uses a lot of electricity. Adoption may be impacted by this. Building a system within Bitcoin that enables using a portion of transaction costs as a tax to fund renewable energy projects is one potential approach.
You can contribute 5% of your transaction charge to renewable energy if you are willing to pay outrageous rates for your transaction.

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Quote from: WeThePe0ple on December 16, 2022, 08:01:38 AM

When a mining ban is imposed, does this mean BTC will go to 0?

Mining bans are enforced depending on the regulations of a country because some countries do not support the legalization of cryptocurrency, they will have any reason not to provide permits for mining, but mining continues without the influence of regulations. Even Shell will be involved in crypto to provide a solution to the high demand for energy required for mining and we hope that its efforts will provide positive support to crypto mining.

WeThePe0ple

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When a mining ban is imposed, does this mean BTC will go to 0?

Because even if only 80% of the maximum 21 million coins are mined, people can still keep these coins or trade them as a store of value.

Woodie

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Bitcoin mining has always come under pressure over its carbon footprints emissions and all things considered this fight is far to big for bitcoin to fight alone because before it there has been carbon emissions coming from automobiles and this as gone on for a very long time and governments have had their hands tied on the best approach on this. But of course we don't need to wait to be told on the damage done to the environment, ones conscious needs to know that going green is the next best step.

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Quote from: Abiky on December 15, 2022, 11:59:58 AM

Who knows what would be of Bitcoin decades from now?

There will be university-level civics and environmental management classes where they teach students what imbeciles people were for going after a green-turning industry that stops other industries from rampantly polluting the environment.

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Quote from: karabiber on December 12, 2022, 04:31:22 PM

The computing power required to support Bitcoin's underlying network requires a great deal of energy. This leads to criticism of Bitcoin's environmental footprint. I am against the constant portrayal of Bitcoin as the enemy while there are so many things that piss the world off about it. Yes, some energy problems will arise for bitcoin in the future but i think that these facilities that consume huge energy are negligible compared to companies. The amount of energy consumed by the Bitcoin network will increase over the years and the issue of finding solutions with renewable energy will accelerate. Bitcoin will contribute to the use and increase of renewable energy. Bitcoin miners are shifting to places where electricity is cheapest. Because renewable cheap energy power has not been provided yet. Bitcoin will help accelerate the renewable cheap energy network.

I hope miners turn themselves to alternative energy sources just to make Bitcoin more appealing to governments worldwide. I know banks and companies consume a greater amount of energy than the whole Bitcoin network, but governments don't want to admit that because they want to keep away as much people from Bitcoin as possible. Some cryptocurrencies switched to PoS in an effort to become "carbon-neutral", yet they've sacrificed the decentralization of their blockchain networks. PoW would be the only way to ensure decentralization and censorship-resistance because of the way it was designed.

It seems to me that companies are still interested in keeping the mining industry alive, so it's likely PoW will become greener in the future. Who knows what would be of Bitcoin decades from now? Just my thoughts Grin

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The computing power required to support Bitcoin's underlying network requires a great deal of energy. This leads to criticism of Bitcoin's environmental footprint. I am against the constant portrayal of Bitcoin as the enemy while there are so many things that piss the world off about it. Yes, some energy problems will arise for bitcoin in the future but i think that these facilities that consume huge energy are negligible compared to companies. The amount of energy consumed by the Bitcoin network will increase over the years and the issue of finding solutions with renewable energy will accelerate. Bitcoin will contribute to the use and increase of renewable energy. Bitcoin miners are shifting to places where electricity is cheapest. Because renewable cheap energy power has not been provided yet. Bitcoin will help accelerate the renewable cheap energy network.

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Quote from: Sang Veronike on December 07, 2022, 03:26:51 AM

maybe. Everyone is talking about the EU choosing to ban Bitcoin mining right now. For seasonal reasons. Winter uses more energy than spring and summer. Countries all over the world attach great importance to the energy consumption of Bitcoin mining. Miners have been picking areas that are easier to mine. Countries may restrict Bitcoin mining, but not Bitcoin usage.

Choosing a bitcoin or burning a Bitcoin in something that we know so I know right where that bitcoin some countries banned bitcoin and some countries also leave Bitcoin but it is very sore on their own rules and regulation they know all the until concerning their country I don't think that is a very big day of contraband in Bitcoin because this information has been circulating the former

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Quote from: fuguebtc on December 10, 2022, 12:34:06 AM

I think the EU bitcoin mining ban will be temporary as they are having a severe energy problem but once the energy is resolved, everything will be back to normal they will lift the ban. As you said, they won't want to miss out on huge tax revenue because they understand that even their ban won't stop bitcoin and only make miners move to other countries.

I hope so. Otherwise, Bitcoin would be doomed in terms of mainstream adoption. The more countries turn against PoW mining, the higher the risk of insecurity will be. For some reason, EU countries are pushing the "climate change" narrative targeting Bitcoin's damage to the environment. There may be a hidden agenda to try to destroy Bitcoin completely. If the US joins the train, then it's likely other countries will do the same. Let's see how everything will turn out to be after the Russo-Ukraine crisis comes to an end.

Quote from: fuguebtc on December 10, 2022, 12:34:06 AM

This is only true if the ban is only in one US state and EU region, but if bitcoin is banned worldwide, then bitcoin will be destroyed for real.

A worldwide ban would negatively impact Bitcoin, but not to a point where it'll be destroyed for good. I think some people will still mine BTC in secret just to help support the blockchain (even if it will be illegal to do so). You really can't stop something that's decentralized and censorship-resistant by design.

Of course, it will be much more difficult to get access to Bitcoin when the government is against it. But there will always be a way to circumvent restrictions, allowing Bitcoin to flow freely as usual. Who knows what the future holds for the cryptocurrency?

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Quote from: Abiky on December 09, 2022, 07:54:40 PM

Exactly. Not every country will ban Bitcoin mining for good. Both El Salvador and Central Africa have embraced Bitcoin with open arms, so it's likely the mining industry will grow in those two countries alone. We're going to have to see if the EU will change its stance towards Bitcoin if PoW mining becomes greener over time. I'm pretty sure the bloc will revert its decision of banning PoW mining if it becomes carbon-neutral. After all, they wouldn't want to miss the huge taxation benefits the mining industry provides.

I think the EU bitcoin mining ban will be temporary as they are having a severe energy problem but once the energy is resolved, everything will be back to normal they will lift the ban. As you said, they won't want to miss out on huge tax revenue because they understand that even their ban won't stop bitcoin and only make miners move to other countries.

Quote from: Abiky on December 09, 2022, 07:54:40 PM

Rest assured that if the "mining ban" isn't lifted, Bitcoin will carry on as usual. That thanks to its decentralized and censorship-resistant design. If mining hashrate would've been concentrated on a single region, Bitcoin would've been doomed by now. At least, there are a wide number of miners spread throughout the world, making Bitcoin stronger and resilient than ever. Who knows if Bitcoin lasts for generations? Just my thoughts Grin

This is only true if the ban is only in one US state and EU region, but if bitcoin is banned worldwide, then bitcoin will be destroyed for real.

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Quote from: dansus021 on December 05, 2022, 09:47:30 PM

For my perspective not all government will banning bitcoin mining because we already know there is two legal tender country that accepted crypto is elsavador and central Africa I think this two country will not bitcoin mining.

and second now most countries pledged zero carbon emission, if bitcoin using 100% renewable energy it should be fine

Exactly. Not every country will ban Bitcoin mining for good. Both El Salvador and Central Africa have embraced Bitcoin with open arms, so it's likely the mining industry will grow in those two countries alone. We're going to have to see if the EU will change its stance towards Bitcoin if PoW mining becomes greener over time. I'm pretty sure the bloc will revert its decision of banning PoW mining if it becomes carbon-neutral. After all, they wouldn't want to miss the huge taxation benefits the mining industry provides.

Rest assured that if the "mining ban" isn't lifted, Bitcoin will carry on as usual. That thanks to its decentralized and censorship-resistant design. If mining hashrate would've been concentrated on a single region, Bitcoin would've been doomed by now. At least, there are a wide number of miners spread throughout the world, making Bitcoin stronger and resilient than ever. Who knows if Bitcoin lasts for generations? Just my thoughts Grin

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maybe. Everyone is talking about the EU choosing to ban Bitcoin mining right now. For seasonal reasons. Winter uses more energy than spring and summer. Countries all over the world attach great importance to the energy consumption of Bitcoin mining. Miners have been picking areas that are easier to mine. Countries may restrict Bitcoin mining, but not Bitcoin usage.

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For my perspective not all government will banning bitcoin mining because we already know there is two legal tender country that accepted crypto is elsavador and central Africa I think this two country will not bitcoin mining.

and second now most countries pledged zero carbon emission, if bitcoin using 100% renewable energy it should be fine

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Quote from: binbaro11 on December 01, 2022, 04:13:01 AM

Banning bitcoin mining is not the same as banning bitcoin.

The main mining cost of large-scale mines is not hardware purchase and update, but electricity costs, which is also an important consideration for mine site selection.

In order to maximize profits, some mine owners adopt a mobile operation method and install mining machines in containers or large trucks. Once they find a place with lower electricity costs, they can move at any time.

And now everyone will give priority to wind power and hydropower.

Miners are the ones who support the BTC blockchain. Without them, Bitcoin would simply die. And what better way to destroy Bitcoin than banning PoW mining with the excuse that it's "harmful for the environment"? Governments know they can't stop Bitcoin, so they're coming up with the "high energy consumption" narrative in order to prevent as much people as possible from using it. You can see how they've successfully forced ETH to turn from a PoW chain to PoS. The vast majority of altcoins are abandoning PoW due to fears of government scrutiny. It won't be long before the crypto space becomes extremely centralized, leaving us with Bitcoin as the only "truly decentralized" alternative to Fiat.

It's possible most (if not all) countries will ban Bitcoin because of the reasons mentioned before, but I don't think it'll be the end of the world. Everything will depend on how long Bitcoin will be able to retain its decentralized and censorship-resistant design. With many governments thinking about banning PoW mining, it's likely Bitcoin will be mined in secret for years to come. Who knows what the future holds for Bitcoin and the entire crypto/Blockchain industry? Just my thoughts Grin

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Quote from: kro55 on December 01, 2022, 03:33:54 AM

The white house has not announced that it will ban POW. Do you have a link?

https://bitcoinmagazine.com/business/white-house-condemns-energy-use-of-mining-bitcoin

Quote

The White House Office of Science and Technology released a report claiming
bitcoin mining negatively impacts the environment and hints towards banning proof-of-work.

The executive order for the ban can come any day since the official report was published.

FYI:
A lot of bitcoiners are completely clueless about power generation.
Solar is only really good for 4 hours daily during the summer, Wind is intermittent.
BTC miners require 24x7 access to insane amounts of electricity, something current renewals can't provide them.
Nuclear is the only solution that could make an attempt at the insane amount of energy miners needs.
But that requires 1000s of new nuclear plants, time to build ~10 years.
BTC does not have 10 years before the ban, my best guess the US / Canada / Europe all Ban PoW mining ~2025 ,
maybe much sooner if too many grid failure s happen. *New York has already started their own PoW ban.*

binbaro11

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Banning bitcoin mining is not the same as banning bitcoin.

The main mining cost of large-scale mines is not hardware purchase and update, but electricity costs, which is also an important consideration for mine site selection.

In order to maximize profits, some mine owners adopt a mobile operation method and install mining machines in containers or large trucks. Once they find a place with lower electricity costs, they can move at any time.

And now everyone will give priority to wind power and hydropower.

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Quote from: ?? on ??

Yesterday I saw that the Chinese state banned bitcoin miners in their country, but not because of environmental factors but maybe other factors so that the Chinese government concluded that bitcoin mining in their country was illegal.

In china, cryptos aren’t legal right. So definitely they gonna ban any activity that is connected with cryptos or Bitcoins. Moreover there are many other things which contribute for the environmental degrade. Bitcoin mining isn’t at all coming in 1% of total pollution. Moreover Bitcoin mining can be done via solar energy also, if concerns regarding this is rising. At last this is just an excuse for many countries to prohibit crypto mining. As they cannot regulate Bitcoins, therefore trying their best to ban it.

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Quote from: LegendaryK on November 29, 2022, 09:14:15 PM

Asia , China already ban bitcoin PoW miners.

China is a great power in Asia, but they are not someone who can command others, other than China, I have not seen any Asian country that bans bitcoin mining, Japan, Korea, or Vietnam...they are all very bitcoin friendly. I just see them giving warning people to be careful when investing in cryptocurrencies but not any complaints about bitcoin mining.

Quote from: LegendaryK on November 29, 2022, 09:14:15 PM

US/ Europe/ Canada PoW bans are coming.

Once the US ban bitcoin PoW mining, bitcoin is basically DOA.

The US still does not have a ban on POW, it seems that it is just your wish. The white house has not announced that it will ban POW. Do you have a link?

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