Lawmakers in New York just passed a bill to ban certain bitcoin mining operations that run on carbon-based power sources. which means bitcoin mining isn't completely banned in the US. The ban is only on Proof of work algorithm that is done with carbon-based power sources that both consumes approximately 1,173 kilowatt hours and causes carbon emission. I think other source of power generation for this same bitcoin mining is permitted e.g solar energy
Topic: Will countries ban Bitcoin mining due to environmental concerns? - page 7. (Read 1518 times)
This is really environmental concern
Look at how the same people trying to ban this travel around and then think about this again.Quote
However, I think that all Bitcoin users and miners shout be more aware of their impact om environment and try to find the way how to contribute to its protection.
Mining is already economically incentivized to use the cheapest energy available, which is energy that wouldve went to waste. The block reward already subsidizes the building of renewable energy sources, that wouldnt have been possible otherwise, because of how the energy market works(power spikes). Its more than any of these politcians ever did. I think its a stretch to even buy 1% into this hysteria and say BTC should do more, because its already greener relative to how countries generate their energy and just ignores real environmental concerns(where theyre silent about). 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.
We know this is an excuse to try to weaken bitcoin and nothing more as a significant amount of the electricity being used for bitcoin mining comes from renewable sources, however I do not think we will reach the point in which this will happen everywhere and there will still be many countries which will allow bitcoin mining.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.
However this means miners will have to keep getting more and more efficient as they may be forced to move to countries in which the rates of electricity are higher than what they are used to pay right now.
Haters just looking for an excuse to ban Bitcoin mining, nothing else. For that reason, I don't think Bitcoin will replace by PoS technology. Because Bitcoin isn't controlled by a team that can move it easily. Miners would just move to reasonable places where mining Bitcoin is low cost and legal. They can't stop Bitcoin anyway, just trying to dump it.
I don't think this is about the haters and the excuse to ban mining
This is really environmental concern but compared to all other environment destroyers I don't think that Bitcoin mining has the key impact. So, I don't think environment will be the show stopper for Bitcoin mining.
However, I think that all Bitcoin users and miners shout be more aware of their impact om environment and try to find the way how to contribute to its protection.
Haters just looking for an excuse to ban Bitcoin mining, nothing else. For that reason, I don't think Bitcoin will replace by PoS technology. Because Bitcoin isn't controlled by a team that can move it easily. Miners would just move to reasonable places where mining Bitcoin is low cost and legal. They can't stop Bitcoin anyway, just trying to dump it.
I think if countries do start to ban bitcoin mining it will be an excuse for them to ban bitcoin/cryptocurrencies. The amount of waste countries create in all sorts of different situations pales in comparison to bitcoin mining. It also might be pretty difficult for them to enforce. Again I think if they do ban, it's more so they don't want bitcoin being around than it is they are concerned for the environmental impact.
They are trying to misleadingly separate their actions from actions that drive communities away from their objectives. They are using private jets but you using an airplane with dozens of others inside as well is bad. Bitcoin mining is obviously something they want to target and this is their perfect excuse. And people are taking the bait so easily.Also. I do not think they necessarily plan on banning Bitcoin. They are looking to make Bitcoin less powerful than it is. Think about it. They are suggesting Bitcoin to move to Proof of Stake, which significantly weakens its security against attacks. They want Bitcoin mining gone for the same reason. It either lowers down the hash rate, allowing them to gather a ton of equipment in case they want to initiate an attack, or it just means we are moving to PoS which is the worst thing Bitcoin can do. Look at Solana's downfall. We do not want Bitcoin to have 'outages', do we?
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Do you think countries worldwide will ban Bitcoin mining due to environmental concerns?
The better question to this is, can they and will it have lasting effects and will enough countries do it? And the answer to this is no.Quote
If mining is banned, do you think Bitcoin will switch to PoS?
Maybe some altcoin will, but not BTCQuote
Will it still survive being a PoW cryptocurrency?
1000%Quote
then cryptocurrencies with PoW algorithms will be forced to switch to PoS altogether.
Also this isnt possible if you look at how nodes work.Quote
Growth for the pioneer cryptocurrency will stifle, forcing miners to close down their business for good.
This FUD, bans and so on exist since years, yet bitcoin has more hashpower than ever and is the most successfull asset of all since its beginning and is still here doing fine.Quote
If not, why?
You can check out the technical development section, there was many great answers to this.Dont buy into the FUD guys.
This was the reason I fear NY situation can create a dangerous precedent: govts have just seen the can ban mining operations and throw to the plebs the "bitcoin is bad for environment" story, which most seem to believe.
Still, the NY so-called ban still needs to be signed by the governor, and this didn't happen (and may not happen too soon, if ever). So there may be just another newspapers worthy useless drama.
Still, the NY so-called ban still needs to be signed by the governor, and this didn't happen (and may not happen too soon, if ever). So there may be just another newspapers worthy useless drama.
The crypto industry is doing all it can to diversify to renewable energy. According to Bitcoin Mining Council Q3 2021 report, 57% of the energy used for crypto mining comes from renewable sources (hydro, wind, solar, nuclear, geothermal and carbon generation with carbon offsets as defined by the). Moving to green energy is a gradual process hence; the government needs to give crypto miners time to diversify their energy source.
Harsh policies against the crypto industry also have its economic effect on the state or country. Economic analysts have warned that this bill can lead to massive job loss because many local vendors consisting of electricians, engineers, and construction workers earn from the crypto industry. Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities in New York. An exodus of crypto miners could translate to jobs and tax dollars moving out of state. More countries would become Bitcoin friendly in the nearest future because the so-called environmental concerns would be reduced drastically due to mass adoption of green energy.
Harsh policies against the crypto industry also have its economic effect on the state or country. Economic analysts have warned that this bill can lead to massive job loss because many local vendors consisting of electricians, engineers, and construction workers earn from the crypto industry. Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities in New York. An exodus of crypto miners could translate to jobs and tax dollars moving out of state. More countries would become Bitcoin friendly in the nearest future because the so-called environmental concerns would be reduced drastically due to mass adoption of green energy.
This environmental concerns is just a gimmick for government to make a bad news that will affect the newbies to not invest on Bitcoin. Many newbies are just only believing what the media is saying and not doing any research to prove it's legit or false, if they do a bit research, they will know banks system do harm the environmental rather than Bitcoin mining.
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.
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.
I think if countries do start to ban bitcoin mining it will be an excuse for them to ban bitcoin/cryptocurrencies. The amount of waste countries create in all sorts of different situations pales in comparison to bitcoin mining. It also might be pretty difficult for them to enforce. Again I think if they do ban, it's more so they don't want bitcoin being around than it is they are concerned for the environmental impact.
To clarify, if I'm not mistaken, the bill does not call to ban Bitcoin mining. I guess the word ban is not apt at the very least, a FUD at most. The bill simply calls for a moratorium. The moratorium will last for two years. Moreover, the bill only applies to certain Bitcoin mining operations, those that use electricity coming from nonrenewable sources. Those Bitcoin mining operations that use green energy shall be allowed to continue within and beyond the 2-year moratorium.
Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.
Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.
That's right, NY explains that they have no intention of banning Bitcoin mining. This is a 2-year suspension for the issuance and renewal of the fossil fuel use. It's still legal to mine bitcoins with other energy. This rule does not affect miners (<20 miners).
https://cryptoslate.com/lawmaker-behind-ny-crypto-mining-bill-clarifies-it-is-not-a-blanket-pow-ban/
Countries can ban mining but the miners will move to other place and that is what exactly happened when China banned mining due to shortage of electricity. So Bitcoin mining can happen until all the countries ban mining but this isn't really due to environmental concern just a reason to stop the future of decentralized payment system.
I can divide the countries of this world into two groups - one being pro-bitcoin mining and another anti-bitcoin mining.
In that case all the miners from anti-bitcoin mining countries will move to pro-bitcoin mining countries. Very soon this group of countries will start to take advantage of these "foreign miners" by taxing them or putting them under certain monetary restrictions so as to generate some income from them.
Eventually if such bans actually happen this above scenario is how it plays out. Then the second group will understand its own folly and become pro-bitcoin mining too and welcome its outcasts back.
But such events have happened in the past concerning other matter, so I guess the governments will not take such steps without thinking twice. The narrative of "environmental concerns" has been debunked several times with data.
In that case all the miners from anti-bitcoin mining countries will move to pro-bitcoin mining countries. Very soon this group of countries will start to take advantage of these "foreign miners" by taxing them or putting them under certain monetary restrictions so as to generate some income from them.
Eventually if such bans actually happen this above scenario is how it plays out. Then the second group will understand its own folly and become pro-bitcoin mining too and welcome its outcasts back.
But such events have happened in the past concerning other matter, so I guess the governments will not take such steps without thinking twice. The narrative of "environmental concerns" has been debunked several times with data.
It doesn't look like countries ban bitcoin mining due to environmental concerns. Countries begin to make ban on mining due to power shortage happening around. More problem takes place when mining is done illegally. Countries tried the best to make stop illegal mining and give way for registered miners. The governments weren't able to do this, and the same has resulted in the complete ban of mining.
Knowing that a lot of countries won't like the fact that they can't effectively control Bitcoin, it isn't outside the realm of possibility that some countries would ban Bitcoin — claiming it will be because of "eNviRoNmEnTaL cOnCeRnS".
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.
In a world completely dependent on fossil fuels it looks really idiotic when someone deals with something they can't control in this way. Bitcoin mining is at the very bottom of the problem when it comes to the environment and this cannot be a compelling argument when it comes to any ban. Of course, that won’t stop some countries from continuing to push that pointless agenda, or that geniuses like Mr. Mars from time to time say Bitcoin isn’t green enough to use it for transactions.
POS will never happen, no matter what blackmail they come up with - and in about 10 years, will this debate make any sense at all if we know that 99% of BTC will be mined, which means that the 1% (210 000) what remains will not certainly increase the number of miners, but will drastically reduce it.
To clarify, if I'm not mistaken, the bill does not call to ban Bitcoin mining. I guess the word ban is not apt at the very least, a FUD at most. The bill simply calls for a moratorium. The moratorium will last for two years. Moreover, the bill only applies to certain Bitcoin mining operations, those that use electricity coming from nonrenewable sources. Those Bitcoin mining operations that use green energy shall be allowed to continue within and beyond the 2-year moratorium.
Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.
Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.
They won't do it because as of now, the world has different opinions regarding it and that would not totally affect bitcoins once some country became hostile against miners, other countries will warm-heartedly welcome it. As for the critics out there. they won't cease to find some way to mock and degrade bitcoins, we just need to ignore them and leave them alone with their false claim because if ever we gonna give them some attention, that's when they think they are right and pursue their claims even though they don't even have enough evidence at all. It's sufficient for us to see big companies such as Paypal and others are now supporting it today, that would be a big slap to haters.
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 a possibility of banning POW mining by some countries. I know NY has recently drafted a bill proposing such ban and that might gain traction if other US states decides to go to the same way. If US decides on imposing a ban on POW mining, EU may start looking into the same option. So I would say possibility exists!
But chances are very high that some other countries may come forward and seize the opportunity. Especially those countries where the temperature remains low throughout the year. An absolute ban will not be possible but some major economies and their allies may impose such bans.
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