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.
There are a lot of countries that ban Bitcoin and also crypto mining because there is High Power consumption for the Mining powers to run. 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.
Iran is a country where Mining is legal and they are generating a lot of Bitcoin and they have huge plans in the future cause they know the real values of Bitcoin and so crypto. I wish that this might happen in my country cause still this is not authenticated by our government.
And also in America there is no van on the Bitcoin mining and they have also not given permission too. If someone wants to mine than do it and if do not than they will not be charged for guilty.