Quote from: Abiky on June 08, 2022, 11:25:09 AM

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.

If the countries worldwide did not ban or cannot ban tree cutting to print fiat due the supposed climate change policy, I see no reason why bitcoin mining should be ban. Their argument about the effect of mining on the environment is just as the same as that of tree-cutting. However, I do believe that using solar and wind power would make bitcoin mining more environmentally beneficial. The issue is that many bitcoin miners are looking for locations with low electricity cost to mine the cryptocurrency, which is why the government is pushing to ban it.