Post
Topic
Board Bitcoin Discussion
Re: Will countries ban Bitcoin mining due to environmental concerns?
by
Detritus
on 11/06/2022, 16:23:02 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

Bitcoin can never key in to POS and is never possible that countries world wide will ban mining, if Bitcoin mining is stop in Some country by law due to environmental concern then miners will have to shut down and move to another country where they can carry out their mining.