Re: Will countries ban Bitcoin mining due to environmental concerns?
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.
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.
This only happens in the US I guess. I mean there are also multiple factors that hampers the environment, yet they are not banned, but yes they are planning to ban bitcoins.
This is just another excuse i guess.
I mean when they are unable to control something, they try to ban it.
Due to Bitcoin’s decentralised nature, it cannot be controlled by the government, so hence they are seeking some ways to ban it.
Nevertheless this won’t happen in the near future for past some years. So let’s do not worry about this.