The myth that Bitcoin mining affects the climate and the environment has been broken a long time ago, now it's just a matter of how much those at the top want to accept it as truth or will they continue to persist in their agenda - "Bitcoin is not good because it pollutes the environment".Yeah, BTC is super green now since over 50% of the energy used by the BTC network is renewable, not dirty old fossil fuels. Plus, BTC mining is actually driving the energy industry forward, helping regions come up with smarter ways to use their available energy.
A few years ago, data showed that BTC mining consumes about 0.2% of the total energy consumed, and let's say that it was about 200 TWh per year - while on the other hand, the losses in the electrical network amount to an incredible 50 000 TWh.
Any attacks coming from that direction are therefore completely meaningless - and the less BTC there is for mining and the smaller the rewards per block, the fewer miners there will be - and by the end of the decade there will be about 1% left (210 000 BTC ) which will be mined until approximately 2140. What I want to say is that in the near future BTC mining will become something in which only the biggest players will compete - and only if the price of BTC is so high that it will continue to be profitable for them.
Their main argument is miner would move to different area where it's electricity based on use fossil or other non-renewable energy. That makes sense since miner looking for low operational cost.
This is because of government ignorance; they failed to understand the pros and cons of mining so if they see a company that uses solar powered panels for their mining and then ban it they will go underground or move to where they can mine even to the point of using fossil fuel.
Bitcoin mining cannot be stopped because miners see the profit or they have to recover the cost of setting up so they have no choice but to continue mining at whatever cost.
Bitcoin Mining Bans Can Backfire on Climate Conscious Governments, a New Research Finds
Governments looking to ban bitcoin (BTC) mining for environmental reasons should think twice — it could backfire.
Yeah, BTC is super green now since over 50% of the energy used by the BTC network is renewable, not dirty old fossil fuels. Plus, BTC mining is actually driving the energy industry forward, helping regions come up with smarter ways to use their available energy.
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I wonder why this did not come my mind when bitcoin mining was banned in China as many miners moved to Kazakhstan. Many Chinese miners are using clean energy to mine. It was reported that time that above 70% of mining at the time was through clean/green energy.this shows that it is possible to mine bitcoin without putting too much damage to the environment if the government use the “environment-card” i just assume it is not real especially from a country that is wealthy and could easily put in the money to be more environmentally friendly when mining bitcoin
But many miners moved to Kazakhstan, a country that is primarily and mainly using fossil fuel like coal as their source if energy.i wish the government exerted effort and resources to learning more about clean mining and use this to their advantage instead of completely banning bitcoin with the reason of concern for the environment
Their main argument is miner would move to different area where it's electricity based on use fossil or other non-renewable energy. That makes sense since miner looking for low operational cost. Your opinion is greatly appreciated.Which government are you talking about? If it's about the USA then no one is going to ban the mining of BTC because they have applied huge taxes on the usage of electricity that miners are using and they are paying taxes on their profits too. Mining in America is not cheap because electricity is expensive there plus the taxes.
Their main argument is miner would move to different area where it's electricity based on use fossil or other non-renewable energy. That makes sense since miner looking for low operational cost. Your opinion is greatly appreciated.Which government are you talking about? If it's about the USA then no one is going to ban the mining of BTC because they have applied huge taxes on the usage of electricity that miners are using and they are paying taxes on their profits too. Mining in America is not cheap because electricity is expensive there plus the taxes.
All miners can't afford to mine BTC in such expensive areas they use solar panels or wind energy to run Mining rigs to make more profits. Governments should provide some solution to this problem instead of banning it.
The paper’s findings? In some jurisdictions, a blanket bitcoin mining ban can actually trigger an increase in the industry’s overall carbon emissions, as the affected miners may relocate to new regions with electric grids that rely on fossil fuels.
(https://www.coindesk.com/resizer/GtFhZZi4bKnhLKZecUw9iGgs_CM=/811x528/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BUT3YMEUL5DE5KEXSTLMYPXGKY.jpeg)Source: Exponential Science (Exponential Science)
I wonder why this did not come my mind when bitcoin mining was banned in China as many miners moved to Kazakhstan. Many Chinese miners are using clean energy to mine. It was reported that time that above 70% of mining at the time was through clean/green energy. But many miners moved to Kazakhstan, a country that is primarily and mainly using fossil fuel like coal as their source if energy.
Imagine that the EU has been talking about banning cryptocurrency mining for years, but in the end they realized that they actually have nothing to ban because it almost doesn't exist in the EU considering that it is almost unprofitable due to the price of electricity.
Imagine that the EU has been talking about banning cryptocurrency mining for years, but in the end they realized that they actually have nothing to ban because it almost doesn't exist in the EU considering that it is almost unprofitable due to the price of electricity.
There's actually people who mine in the EU? That sounds very un-profitable given high fuel and electricity costs.
Imagine that the EU has been talking about banning cryptocurrency mining for years, but in the end they realized that they actually have nothing to ban because it almost doesn't exist in the EU considering that it is almost unprofitable due to the price of electricity.
There's actually people who mine in the EU? That sounds very un-profitable given high fuel and electricity costs.
This is because of government ignorance; they failed to understand the pros and cons of mining so if they see a company that uses solar powered panels for their mining and then ban it they will go underground or move to where they can mine even to the point of using fossil fuel.
Bitcoin mining cannot be stopped because miners see the profit or they have to recover the cost of setting up so they have no choice but to continue mining at whatever cost.
Yes, you have a good point here, the cost of mining will not actually affect miners in as much as Bitcoin has a very limited supply and there are possibilities of price skyrocketing in near future. Obviously the demand is always improving by the day, a situation that will always encourage miners to leave certain geographical areas to where there is available energy and friendly environments.Miners can really make that move and change but they need resources and solo miners is not a thing anymore in my sight that's totally luck if you would make a whole BTC, and speaking of mining in groups that's not healthy too because the main goal of governments I am seeing is to take control of most of the mining power and who knows who owns these mining pools we all are joining.
I think that this ban will not in any way deter the Bitcoin mining business, there will always be a way out for a source of energy in many part of the world..
I think that this ban will not in any way deter the Bitcoin mining business, there will always be a way out for a source of energy in many part of the world..the benefits of mining itself is a lot bigger than whatever sacrifice one has to make in terms of financial expenses or time cost and etc so of course mining will not stop here it is not yet that bad that miners would not see the worth of doing mining anymore and i think as time pass by there will be a lot more options in the future where to get energies and eventually it would be a lot easier and a lot cheaper to access these advancements