Bitcoin Forum

Seems like bitcoin mining has to come to an end..new york city has joined

It is not easy to end bitcoin mining, because bitcoin mining does not violate any rules, and bitcoin mining brings a lot of extraordinary results, and will end until bitcoin really runs out.

I think you have misinterpreted the Bitcoin mining issue in New York in which it will not represents all Bitcoin miners. The issue was the power consumption was getting big because of increasing bitcoin mining business in that state that it may cost power shortage or very expensive electricity costs in the city in which it will be equally shoulder by all consumers if this will not be address. The state is now making a resolution to impose higher electricity rates for crypto mining firms to resolve the issue.

I have read this news, one city in New York is banning crypto currency mining. They say that city has the cheapest electricity in the whole world and miners are going there to setup their machines.


Now do I think it will have some effect on the price, No it is just a small city and probably it only represents less than 1% of the miners all over the world.


Here is the link of the news.

https://gizmodo.com/city-in-new-york-becomes-first-to-ban-new-bitcoin-minin-1823826338

whoever said that doesn't know what cheap means!
electricity cost in New York 19.8 cents as of February 2018. that is nearly the highest price for electricity in the whole world! the cheapest rates are around 1 cent and lower.

Any city has the right to issue warning to its occupants about Bitcoin mining if it deemed it fit. This statement is subjective and can be abused. That's the bitter truth. Unfortunately, that's also the type of world we live in. So if they issue a mining warning, then they must have (presumptuous) evaluated the long term effects and benefits on the city.

I am sure nobody is having any clue what it has got to do with New York city and why is it bothering thing anyway. Bitcoin mining will never get hampered with any other country joining it but it will just increase the network difficult. Now that increased in network difficulty is not new thing and it is going on since the birth of bitcoin and we know very well that this thing is will keep growing all the time. One thing is clear that it is just the cycle of bitcoin and its mining protocol thats on going. Doesn't matter if New York join or Las Vegas or any other country, it is going to be same over the time.

Bitcoin mining will start aggressively if more competitor comes into this industry and it wont end ever, its necessity not mandate thing.

I think what they want to achieve with this is the following :

~ Bitcoin mining is growing too big, because the electricity price is relatively low.
~ Bitcoin mining will take too much of the supply and this will cause a increase in the price.
~ Other consumers are complaining that Bitcoin mining is taking too much electricity.

Once a technology gets on the radar for consuming too much resources, the authorities will have to adjust their actions to deal with that or to provide more resources. It is easier for them to ban something, than to increase the resources.

Mining warning because price of bitcoin going down and many government controll big miners and increase electricity cost for him

Its hard to saying such thing like bitcoin mining will end soon.I suggest you to give more information about it.SO what if New York join the mining process?. This entire world is mining bitcoins and by joining the New York bitcoin mining won't stop.Anyways bitcoin mining will me increasing more since every country especially in china electricity price become to much low

The issue of bitcoin mining in New York will not be able to stop bitcoin mining operations around the world. The miners always have a way to solve the problem even though the bitcoin will be completely mined entirely they will probably divert its mine to mine another coin with the algorithm equal to bitcoin. I am not worried about the problem because no matter how the mining process will never stop because if stop the transaction crypto will also stop because the miners are the people who confirm the transaction.

Every day a lot of miners work hard. The new miners also increased quite fast. It is predicted that by 2040, workers will dig the last coin. If not discovered new mine will be like?