Bitcoin Mining Bans Can Backfire on Climate Conscious Governments, a New Res...

[Lucius]

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.

Those who do not pay for electricity are definitely profitable to engage in such business - there are many such stories in Eastern Europe, especially in some countries of the Balkans. In addition, I think that Germany had perhaps the largest share in mining, at least that's what the statistics showed - although I don't know how crypto mining is profitable for them.

What I know is that there is mining in Italy that is based on hydropower and which, by all accounts, is profitable - there is a topic on BTT that was started three years ago by @fillippone.

ALPS BLOCKCHAIN: mining in Italy from 100% renewable energy

[Bobcrypto]

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.
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..

[Faisal2202]

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.
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..

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.

The point is they had to eliminate the small fishes and they did it easily only the ones with resources can make some move to be able to mine still. Overall business is not going anywhere, a BTC miner can be in lose for 1 or 2 or max 3 years in my sight after that he will be 5x from that loss into profit. NFA.

[bitterguy28]

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

[TomPluz]

Bitcoin is already unstoppable and even if some governments may decided to ban its mining eventually miners can find their way in some other parts of the world where they can continue do business. The best thing to do is to regulate Bitcoin mining and not ban it altogether which can be a very short-sighted reaction. There is now that technology that will use excess power facility so that nothing can come to waste. As long as Bitcoin mining is profitable, there will be miners and they are taking their business anywhere they can, that is for sure.

[Bobcrypto]

I don't think there is any known benefits of banning Bitcoin mining, an attempt to ban Bitcoin mining will face strong resistance by miners, first because Bitcoin has great rewards benefits now and in the future; secondly there are many countries in the world who will make energy available since they they can generate huge revenue over times.

In my opinion, any country that has banned Bitcoin with flency excuses may have some economic or political motive. However, economically Bitcoin is in a better positions to enhance the economy of any nation if there are room for a investments opportunity with unnecessary regulatory laws.