Post
Topic
Board Bitcoin Discussion
Re: Will countries ban Bitcoin mining due to environmental concerns?
by
wxa7115
on 08/06/2022, 18:01:15 UTC
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. Smiley
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.