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    Author Topic: What if crypto mining is outlawed ?  (Read 724 times)

    • South Park
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    February 18, 2022, 10:51:44 PM
     #61
    Quote from: Slow death on February 16, 2022, 12:49:32 PM
    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.

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    February 18, 2022, 11:22:13 PM
    Last edit: February 18, 2022, 11:35:09 PM by NotFuzzyWarm
     #62
    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.
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  • Hypnosis00
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    February 18, 2022, 11:54:49 PM
     #63
    Quote from: South Park on February 18, 2022, 10:51:44 PM
    Quote from: Slow death on February 16, 2022, 12:49:32 PM
    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.

  • fdc3j
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    February 19, 2022, 05:27:31 AM
     #64
    Quote from: Beparanf on February 07, 2022, 01:55:47 AM
    Quote from: Chlotide on February 06, 2022, 10:36:16 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.

  • willoweb
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    February 19, 2022, 06:35:11 AM
     #65
    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.
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  • TimeTeller
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    February 19, 2022, 11:13:10 AM
     #66
    Quote from: willoweb on February 19, 2022, 06:35:11 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.

  • jaberwock
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    February 20, 2022, 08:24:49 PM
     #67
    Quote from: willoweb on February 19, 2022, 06:35:11 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.
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  • Prosector
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    February 21, 2022, 07:22:07 AM
     #68
    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.

  • Ozero
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    February 21, 2022, 09:52:45 AM
     #69
    Quote from: Chlotide on February 06, 2022, 10:36:16 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.

  • stepwilli
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    February 22, 2022, 06:14:03 PM
     #70
    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.

  • South Park
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    February 27, 2022, 08:07:05 PM
     #71
    Quote from: Hypnosis00 on February 18, 2022, 11:54:49 PM
    Quote from: South Park on February 18, 2022, 10:51:44 PM
    Quote from: Slow death on February 16, 2022, 12:49:32 PM
    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.
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