Post
Topic
Board Bitcoin Discussion
Re: Bitcoin mining ban in Europe
by
Abiky
on 26/10/2022, 00:32:14 UTC
https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

I don't think this will affect Bitcoin's price, especially when there are other countries that are "miner-friendly". An EU ban would prompt miners to move to another region in order to keep their business running as usual. Just because most countries are turning their attention to climate change, doesn't mean Bitcoin mining will end for good. There will be a few countries that will allow Bitcoin mining, prolonging the life of the cryptocurrency. But you can rest assured that if PoW mining is banned all around the world, the community will simply "vote" to switch to a new "eco-friendly" consensus algorithm altogether.

Whenever the switch will degrade Bitcoin's decentralization or not, it's yet to be seen. I wouldn't worry about EU's "anti-crypto" policies as long as there are other countries supporting it every step of the way. Just my thoughts Grin