Will countries ban Bitcoin mining due to environmental concerns? - page 8.

Jating

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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.

No, I don't think that countries will immediately jump on banning bitcoin just because some organizations saying that it harms the environment.

I'm also not convince that it needs to switch to PoS. And it will survived being the only PoW crypto, after all its the prime mover so I'm not sure what will make people not to invest despite this bad publicity. Banks as well is contributing and should be considered as environment concerns.

https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

Rruchi man

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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?

So far, because mining involves large consumption of electricity, the real threat which bitcoin mining posses is an increased consumption of power which sometimes means increased carbon emissions. Countries with already a high percentage of carbon emission via massive industrialization and having much concerns for the environment and global warming will seek out ways to cut and reduce their carbon emission and making their country unfavourable for miners through policies, increased tariffs and even total ban are all options for them.

Carbon emissions are not equal worldwide, so countries with lower carbo emissions may not pay attention to miners even if they ban bitcoin use in the country.

ultrloa

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There are several issues rises about this but I guess this is not relevant information to believe on, most provably the miners are not totally afraid about those things and they just rather think about the rising prices of electricity since this is more realistic problem to them. Maybe there are few country will impose this law but I don't think this will happen on all of the country around the world.

LoyceMobile

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Banning mining isn't the same as banning Bitcoin. It's basically what happens when electricity prices go up: miners move to another country.
Here, taxes are high enough to make Bitcoin mining not profitable. That makes a ban on mining useless.

stompix

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The state of New York did not ban bitcoin mining!
https://www.nysenate.gov/legislation/bills/2021/A7389
https://legislation.nysenate.gov/pdf/bills/2021/A7389C

Quote

1. For the period commencing on the effective date of this section and ending two years after such date, the department, after consultation with the department of public service, shall not approve a new application for or issue a new permit pursuant to this article, or article seventy of this chapter, for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.

Same for renewal of licenses.

Abiky

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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.

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