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Topic: Will countries ban Bitcoin mining due to environmental concerns? (Read 1580 times)

PrivacyG

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 05:21:33 PM

#21

Quote from: ChiBitCTy on June 08, 2022, 02:50:46 PM

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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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 05:35:24 PM

#22

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.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 05:46:13 PM

#23

Quote from: The Cryptovator on June 08, 2022, 05:35:24 PM

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.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 06:01:15 PM

#24

Quote from: Abiky on June 08, 2022, 11:25:09 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.

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.

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.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 06:13:19 PM

#25

Quote from: bitbunnny on June 08, 2022, 05:46:13 PM

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).

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 06:26:26 PM

#26

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

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 10:50:16 PM

#27

Quote from: Abiky on June 08, 2022, 11:25:09 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.

You know that certain countries will follow in terms of decisions of the majority.Some might be in neutral or would go opposite but in vast decisions then they would go in line with other countries decisions.

Environmental issues are just bullshit things that they do really throw into bitcoin without even thinking into other things which had been a long time problem in terms of environmental.

This is really just showing off that they do really hate up bitcoin and now even with the slightest energy consuming issues will really be tagged about being bad in the environment.LOL!

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 10:59:18 PM

#28

Quote from: carlfebz2 on June 08, 2022, 10:50:16 PM

Quote from: Abiky on June 08, 2022, 11:25:09 AM

This is on point.
How they would consider this ranking?

Climate Change.
Energy.
Water.
Biodiversity and Land Use.
Chemicals, Toxics and Heavy Metals.
Air Pollution.
Waste Management.
Ozone Layer Depletion.
Oceans and Fisheries.
Deforestation.

Source: http://www.vanguardenvl.com/Sustainability_Environmental_Stewardship/Top_10_Environmental_Issues

Is this something where Bitcoin do surpass them all.?

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 08, 2022, 11:55:26 PM

#29

Unfortunately yes, Several countries have rejected moroever ban bitcoin miningbecase they think that mining is against the environtment. Mining is cosndiered not friendly to the environmental, moroever in China, they banit becaus eof the use of electirc supply and demand for mining itself. This has beena big concern actually so far. Bitcoin mining always becomes a pros and con in the cyrpto industry.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 09, 2022, 12:08:48 AM

#30

I have to say, its understandable if you would like to just ban crypto outright, it is not really a great for a financial situation for the country because its making crypto a better and its not making the fiat part of that nation better at all. This results with the fact that we are going to see some fiat get devalued just because of crypto, which already happened in some smaller nations. But to say that about crypto for environmental changes? I really do not think that it would be a good idea to just do that at all, I have to say that it would be a bad move, just to find some crappy reason and nothing else. Like make it renewable energy required, but not banned, that makes no sense.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 09, 2022, 12:32:30 AM

#31

Quote from: Darker45 on June 08, 2022, 01:03:27 PM

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.

As long as Bitcoin mining isn't banned completely, there should be nothing to worry about. The moratorium will only last for a short amount of time, so my guess is that New York miners will resume their operations in full after the dust settles. So far, only one state in the US has taken the approach to "ban" Bitcoin mining but we cannot discard the possibility of other states or countries doing the same in the future. Only mining with alternative energy will change governments' stance against Bitcoin for good. With decentralization at the forefront of Bitcoin, nothing should be able to stand in its way. Just my thoughts Grin

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 09, 2022, 01:25:40 AM

#32

Quote from: Marvell1 on June 08, 2022, 02:35:19 PM

Quote from: Darker45 on June 08, 2022, 01:03:27 PM

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/

As a matter of fact, it is still legal for all kinds of Bitcoin miners to operate until now. This bill, if approved and signed by the governor, will not ask Bitcoin mining operations to stop, not even those that are getting their power from nonrenewable energy sources. After all, the bill is not retroactive. It only prevents future mining farms using fossil fuels from getting licenses. It also prevents current farms from having their permits renewed as soon as they expire if they don't shift to green energy.

It seems this bill has been interpreted in such a way that it now grows into some kind of FUD. First, this is not a law yet. Second, even if it is signed into a law, it doesn't ban Bitcoin mining. As a matter of fact, even if signed into a law, Bitcoin miners using fossil fuels will still be allowed to operate provided they only have 20 rigs at most.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 09, 2022, 01:47:48 AM

#33

Quote from: Abiky on June 08, 2022, 11:25:09 AM

Did you ever do any kind of research about the origin of energy used to mine bitcoin? Or do you just read articles written by people who know nothing about bitcoin and their job is just to create FUD? Another advise, go look also the amount of energy that the bank system and gold extraction required, and check especially what kind of energy they use, then you tell me if bitcoin is bad and not environmentally friendly Wink

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 09, 2022, 02:40:15 AM

#34

Quote from: bitbunnny on June 08, 2022, 05:46:13 PM

Quote from: The Cryptovator on June 08, 2022, 05:35:24 PM

There is no denying that bitcoin mining releases a certain amount of carbon and contributes to environmental instability but look at what other industries are doing, mineral resource extraction, heavy industries contribute a lot to environmental pollution and cause serious environmental concerns. But I haven't heard any accusations about it, they seem to be trying to put the blame on bitcoin when it's only a small part of it. I agree with @The Cryptovator, those guys are just looking for an excuse to ban bitcoin.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 01:05:35 AM

#35

Quote from: Ale88 on June 09, 2022, 01:47:48 AM

Yes. I'm fully aware about the origins of the energy used to mine Bitcoin. But the general public does not know about this. Mainstream media is evil, so they will keep pushing the "high energy consumption" narrative in order to try to destroy Bitcoin as much as possible. Governments could be behind this, as they don't want people to gain true financial freedom. You're absolutely right that the bank system and gold extraction consumes a lot more energy than Bitcoin itself.

Most people believe what they're told (instead of doing their own research), so they will agree with a full mining ban just to "save the planet". So far, only China and the state of New York have an anti Bitcoin mining agenda. The vast majority of the world's governments is on Bitcoin's side. As long as the majority is supporting Bitcoin, there should be nothing to worry about. Just my opinion

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 02:53:50 AM

#36

Quote from: Abiky on June 08, 2022, 11:25:09 AM

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?

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 04:19:45 AM

#37

They always have the backup plan for environmental issues that they come forward for bitcoin mining and POW based cryptos mainly btc as it uses the highest amount of electricity depending on the heavy ASIC machines being used in it.They are saying it's bad for environment although many miners are shifting towards green energy usage for mining but if they have planned they will ban mining not bitcoin as a whole.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 04:47:41 AM

#38

FUD against bitcoin will always exist like the past decade and people like you would fall for it to some extent and start asking questions like this but the reality is that bitcoin is not affected by the FUD and will not change anything.

As for the PoW ban, it will definitely happen in some countries where the incompetent governments try to hide the fact that they could not provide their country with enough energy and they had to find something they could redirect the blame to and bitcoin has been a good option for them.
Other than that, the world is too big for a small portion of it banning mining affecting bitcoin's overall hashrate. For example if US and the colonies (ie. EU) banned bitcoin the rest of the world still continues mining bitcoin.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 05:19:53 AM

#39

Quote from: Abiky on June 08, 2022, 11:25:09 AM

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns?

No! some countries like to ban and unban bitcoin mining. I would not be surprised when they'll( might be in winter) unban it.

Quote

Will it still survive being a PoW cryptocurrency?

If it can survive till now. Then surely it will.

Some countries will ban and others will mine. It is the same as some people selling their BTC and some buying.

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Re: Will countries ban Bitcoin mining due to environmental concerns?

June 10, 2022, 05:39:56 AM

#40

1.Even if some countries ban crypto mining, they will ban the mining that uses "dirty energy" (produced via burning coal). This doesn't make sense because other industries aren't punished for using "dirty energy". "Green energy" crypto miners won't be banned.
2.Nobody can force the PoW cryptocurrencies to become PoS cryptocurrencies. Even if some governments try to do this, the users of PoW coins like Bitcoin will migrate their coins to crypto exchanges located in other countries or to the darkweb, the PoW miners will also migrate.
There's nothing to worry about.

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