Will countries ban Bitcoin mining due to environmental concerns? - page 5.

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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?

it is not possible for all countries in the world to ban bitcoin mining because all countries in the world want green energy and consequently that same green electricity will be used by miners, so it would not make sense to ban mining when there is green electricity, what countries will do is demand that the miners use green electricity in their operations, of course this will take years to happen, maybe even 10 years, all countries in the world are still not 100% ready to just use green electricity, that's why it makes no sense to ban mining from bitcoin, even 10 years from now it won't make sense

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

If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency?

bitcoin doesn't need to move to POS, not even 10 years from now, bitcoin doesn't need to move to POS, as the years go by more green electricity sources will appear and miners will use

Doan9269

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Quote from: amishmanish on June 11, 2022, 12:51:05 PM

Bitcoin is future gold, any country that will ban bitcoin mining will be a loss.

I don't see any reason tangible enough for bitcoin ban compared to other resources mining and their impediment dangers to the environment, if you consider how gold is been mined to that of bitcoin then you could imagine the difference and margin between the two in terms of the rate they poses environmental hazards, i believe governments make these proposals to ban bitcoin since it beyond thier ability to regulate it, otherwise many are saying if it's been ban POS may be the solution but PoW is what we cannot do without for now not until the whole 210,000 blocks were achieved.

Disruptivas

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This is a dispute over narratives, not facts. The question was never about the environment or about serious analysis of Bitcoin's impact. The point is about how to use a narrative with wide appeal (environmental issues), to enforce a point that is invalid (ban bitcoin). If the issue were really the climate issue, the focus would be on the largest industries in CO2 generation, as is the case with superships. Nobody bothers to debate the issue in depth, or analyze the matrix, the machines in places where energy would be thrown away or the potential of layer2, because the point is not to solve / improve, it's just about creating an enemy.

dothebeats

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Some countries can really be petty and ban bitcoin on the pretense of protecting the environment. But if we are going to be 'rational' these countries would just seek to implement taxes on bitcoin and crypto instead of banning it due to their concern for the environment. Remember the Paris agreement? We're almost near 2030 and not a lot of signatory countries reached their pledge goals of carbon emissions. If they can't commit to what they pledged, do you think they'll move to ban bitcoin just to 'save' the environment? Cheesy

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

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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 will be countries that will be banning BTCitcoin mining in the name of environmental concerns but you cannot expect there will be a global ban on these aspect as there will be countries that will be taking up the opportunity to welcome miners. BTCitcoin will be a POW cryptocurrency and that is how it should be in the future as well. POS has its drawbacks as it will power the centralized investors and in due time the community will understand them Wink

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amishmanish

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Bitcoin is future gold, any country that will ban bitcoin mining will be a loss. So yes there are downside to bitcoin mining like many human actions, but I dont think so that it is big enough to make bitcoin a pariah and force countries to ban its mining. Especially when we are seeing a uptrend in the market penetration of bitcoin. SO bitcoin will continue to flourish and be mined

kryptqnick

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Bitcoin switching to PoS won't find enough support. PoW ensures decentralization and validation of transactions, and it's not like financial industry doesn't use energy either. The way forward is not via banning mining (although I think some did that and some might do it in the future), but via restricting the usage of dirty energy sources like fossil fuels and gas, which impact the ecology very negatively. But the crackdown should be not on crypto mining in particular. It should be on all those who use energy sources which are not eco-friendly, starting with all those using them in big quantities. That would both be more fair to the crypto industry and a more efficient way of combating climate change.

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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 can never key in to POS and is never possible that countries world wide will ban mining, if Bitcoin mining is stop in Some country by law due to environmental concern then miners will have to shut down and move to another country where they can carry out their mining.

AicecreaME

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If it is about environmental concerns, it's so lame if countries will ban Bitcoin Mining. I mean, there's a lot of things already that are destroying our environment, pollution because of car smokes, smokes from factories, deforestation, overpopulation, and many more. Other miners stopped mining because of it's maintenance, bills, and taxes, but others still continue using hash pool to maximize their profits and lower the energy cost.

evichi

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Governments that mean well for cryptocurrency growth will rather aim for alternative energy for the mining of Bitcoin. Government itself are the greatest violators of green environment support since most of them collect royalties that permit emission of hydrocarbon gases. They allow royalties when there is pollution - oil/gas pollution. Unless the government have other mission against crypto, the proper thing is to emphasize on the use of Solar Energy, Wind Energy, etc. to power computers for the mining of Bitcoin (uses Proof-of-Work algorithm). Governments that understand the good values of crypto will not be in a hurry to advocate to ban Bitcoin due to mining using hydrocarbon.

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Quote from: lalabotax on June 10, 2022, 04:58:46 PM

This mining an problem has been for several years before, right? Some countries do banning because it is harsh for environment, it is considered not friendly environment. We have seen that China also bans this mining, that is why many miners move to other countries to still can continue mining. And maybe his will continue to other countries that have similar problems of environment and powers.

Yes, China did banned bitcoin mining, as at last year when bitcoin was at $45000, the price falled to $30000 at that time but the market bounced back, it was funny this year that China has one of the highest hashrates again after it got to zero after the ban last year. Even in countries, states or town that banned PoW mining, some miners are still having undisclosed mining rigs while as some countries wanted it banned, some wanted it legalized like Kenya.

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Quote from: coolcoinz on June 10, 2022, 05:49:19 PM

Countries will not ban bitcoin mining because every country is different and what one sees as danger, another sees as opportunity.
People who use this argument that bitcoin is bad for the environment are a bit like the EU parliament that voted on new anti car laws to reduce fuel consumption and such. They want to stop production of cars no matter how much co2 they produce. They want to make you buy electric cars and that's all there is to it. They don't care how much their private jets and supply trucks pollute the air. Those aren't going away, but your little car is.

You have a point on this. Some will really see this as opportunity for its people rather than a concern.
And yes, some industries are contributing more pollution than bitcoin mining.
But they are blind with the facts and they are just finding weak spots in bitcoin mining to highlight it.
But anyway, if one country totally closes the door with bitcoin, there will be others that are willingly to embrace it.
Just look at what happen in China, take note that it is a big country but mining doesn't stop from them.

coolcoinz

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Countries will not ban bitcoin mining because every country is different and what one sees as danger, another sees as opportunity.
People who use this argument that bitcoin is bad for the environment are a bit like the EU parliament that voted on new anti car laws to reduce fuel consumption and such. They want to stop production of cars no matter how much co2 they produce. They want to make you buy electric cars and that's all there is to it. They don't care how much their private jets and supply trucks pollute the air. Those aren't going away, but your little car is.

lalabotax

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This mining an problem has been for several years before, right? Some countries do banning because it is harsh for environment, it is considered not friendly environment. We have seen that China also bans this mining, that is why many miners move to other countries to still can continue mining. And maybe his will continue to other countries that have similar problems of environment and powers.

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Quote from: fiulpro on June 10, 2022, 01:58:34 PM

Yes and no
There are certain countries which would definitely not only ban bitcoins but also mining as well

Any country that bans bitcoin will definitely not welcome bitcoin mining. So if a country bans bitcoin, it means that it also banned bitcoin mining. But some countries might ban bitcoin mining but still allow bitcoin to operate. We need to ensure we differentiate between the two.

Bitcoin mining locations are subjected to the availability of power. Then power is not monopolised by a single country. So, if one country bans bitcoin mining, miners would relocate to another country. I have read somewhere that q company in Kenya, a country in Africa sent an open invitation to miners to come mine with discounts in electricity bill.

This ban and relocation will continue until the whole miners began to use renewable source of energy. Until then, expect every real and unreal news targeted to defame bitcoin and discredit the enviable legacy of Satoshi.

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Quote from: Leviathan.007 on June 10, 2022, 01:26:17 AM

I recently saw a topic and article where people are discussing banning bitcoin mining in new york city, It's not really surprising if I see some countries are doing the same thing for the whole country. bitcoin mining ban is profitable for the government because they can milk some money from the miner by getting tax from them but on the other hand, they have to supply some power for them and this can be hard especially during the summer when power usage increases also some governments have to use fossil energy resources to supply the power which is not good for the environment and this can be another reason.

Not surprising because this wasn't the first one and this won't also be the last one but I think this isn't bothering at all because the majority of the countries are still not against mining and if there are countries that banned mining, there are also countries which unbanned it, china for example. So, many times they ban and unbanned mining on their country.

If someone bans mining then they can't get a profit out of it because people will stop mining as they are also scared for the consequence if they continue and get caught out tho corrupt authorities can charge them and make a profit this way. About the power, I don't think they will be needing the help of the governments. All people are free to use a lot of electricity as long as they are willing to pay big for the bills.

fiulpro

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Yes and no
There are certain countries which would definitely not only ban bitcoins but also mining as well since some of them needs to take care of their environment urgently in some countries they do have a scope of letting miners sore the benefits of ' renewable resources ' but not many countries have adopted it, with cheaper electrical outlet and greener countries we would ofc have these places be the new hub of mining whereas the countries like China would try and put a halt on it because of not just the population but pollution as well. Therefore choose your country to mine intelligently if you are thinking of investing.

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Quote from: bitterguy28 on June 09, 2022, 09:53:50 PM

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.

for 13 years of Bitcoin existence ? Bitcoin mining is banned only in selected countries and specifically few so meaning the question exaggerates the situation , and like what Loyce says above , it depend in taxations , how will a miner operates in place where the tax will take all the possible profits?
meaning there is no need to Ban crypto mining .
but also worldwide? Am not sure it will happen because look around , there are come countries now that adopted Bitcoin so surely they are not part of this worldwide banning if ever will going to happen right?

For sure those countries who do have banned mining or does have strict rules or policies would surely be reverted or something be ignored on the time that these miners would be paying up taxes.

Despite on banning it then they would surely allow it since they do know that they can really benefit out of it which is something a very common government behavior.
Since these things arent something that couldnt be pointed out easily then these actions or false calls or environmental issues would really come out which is something very
not surprising.

Doan9269

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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?

I don't really think this is possible for every country to ban bitcoin mining, the reason being that they know themselves that bitcoin poses less environmental disaster compared to other activities carried by government such as mining of natural resources, what i think government want is the power to regulate the entire bitcoin mining sector but their rule of power is limited to only tax payment from those minners.

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

If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency?

The worst that might happen is to ban the bitcoin mining and if this is achieved then the alternative is to switch to renewable energy use, all this threat created by government is because of the full dependency on thier electric power supply for bitcoin mining, government can't be the determinant to using PoW or PoS.

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Bitcoin mining poses a major threat to the environment.

Did you know that as the price of Bitcoin rises, so does the vote for electronic waste? Environmental opponents will increase!

Bitcoin mining produces enough electronic waste. Which is calling for ‘growing conditions for the environment’. Such a suggestion is a study.

Investment in Bitcoin is on the rise. Mining is growing at an equal pace. All in all, the processing power of mining computer will soon become obsolete.
The fact of the matter is that as the price of bitcoin rises, so does the amount of electronic waste. This is according to a study published in the scientific journal Elsevier.n
Alex de Vries works as an economist at the Dutch central bank. On the other hand, Christian Stall, co-author of the report, works at the Massachusetts Institute of Technology.
Bitcoin mining is done through computation. Several studies have previously shown that this method uses enough electricity. A similar study a few months ago said that bitcoin mining costs about 1 percent of the world's electricity supply. That is why in the case of bitcoin mining, in addition to the unconventional energy, renewable energy, fossil fuel is also being used.

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