What are the effects of the G20 Summit on the Crypto Ecosystem

[Woodie]

Its that time of the year we get to see the G20 Summit meet to discuss issues relating to financial markets and generally the world economy.

And cryptocurrencies falling in the bracket of financial markets, we are interested parties of what is/was discussed at the G20 Summit.

Some of the takeouts of the summit

• G20 Nations agreed to stop financing coal plants abroad, "in an effort to limit the global average temperature rise to within 1.5 degrees Celsius by the end of the century" as reported by NY times
• Climate change and continued fight against global warming
• Setting of a minimum tax on big cooperate companies

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Are we likely to see more or fewer crypto related businesses coming on board after the minimum 15% tax rate is in full swing?

[DaveF]

For the green side:
I feel it's going to have 0% effect.
Ignoring what many people are saying, 'greener' note not green just greener methods of energy production are springing up all over.
And ignoring what the loud people are screaming bitcoin mining really does not use that much energy.

From here: https://bitcointalk.org/index.php?topic=5325350.msg58300906#msg58300906
https://bitcoinminingcouncil.com/wp-content/uploads/2021/10/2021.10.19-Q3-BMC-Presentation-Materials-Final.pdf

For the tax side:
The 15% tax is a boogeyman. Taxes are good. That is what a lot of people don't talk about. Companies and people sit on their money and watch it grow.
Governments SPEND money. Keeping it moving. The more they spend the more businesses and people get. The more they get the more the government taxes them. Which the government spends again. It's like the circle of life.

-Dave

[DooMAD]

It mostly feels like posturing on their part anyway.  They talk and kind of agree on some stuff.  Then they go away and don't act on half the things they said they would.

I'm betting the only thing they agreed on which is basically guaranteed is that they won't stop the incessant money printing.  Expect further quantitative easing and currency debasement.

[romero121]

The motto of the sixteenth G20 meeting is all about people, planet and prosperity. More about the economy connected to taxation. Discussion on green energy and more vaccines to the poor countries were addressed. The need for restricting carbon emissions is much discussed, but it hasn't got specific ideas that strengthen the plan of lowering the emission of carbon.

This meet doesn't look to make big change in any form.

[Darker45]

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Miners are going into the green method already, although not 100% of course. But the point is that it does not take a G20 summit for them to explore renewable sources of energy. After all, the environmental issue in Bitcoin mining has been hotly discussed and debated several times already even before the G20 summit is scheduled.

Anyway, the crypto ecosystem has been thriving for years with or without the support of powerful countries. So I don't think there's much effect of this summit to crypto.

[DapanasFruit]

As far as I can see, this year's G20 Summit has no direct effect on cryptocurrency and it is because the topic has not been part of the overall agenda except maybe if you connect it with the move to put the 15% tax on board but I don't think again that there is some direct connection in there. One day, maybe this loose group of rich and developed countries will be forced to address questions and concerns on cryptocurrency once there will already be a massive shift into it in most countries under the G20 club.

[dkbit98]

Did anyone noticed that G20 also announced war on cash?
That means they are getting ready for their centralized digital fiat currencies they could control even more than now, charge taxes whenever they want, and ban your accounts if you are not good little boy or girl.
Bitcoin could have a chance here but I am afraid that most of the people are not able to think clearly and they still trust their governments... big mistake.

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

I wouldn't be surprised if some countries ban mining ang go crazy road like China, while others may introduce some extra taxes.
Some research also showed that Bitcoin mining is already more renewable than before, and we don't have China anymore.

[fiulpro]

This is going to make crypto mining more sustainable in the near future. Since people would start using more renewable options, they would have to invest first though but it pays off usually for the long term. It might be a challenge for a small individual miner but let's talk about things that can be done :

1. People can evaluate their country and the renewable sources of energy that might work for them, for example in an area which receives a lot of sunlight, the best one would be solar energy

2. This would give them efficient options for the long term and they would be protected as well from pandemic and unexpected situations.

3. This would also be a positive impact on the overalls situation of mining etc.

The G20 summit is not just about climate though therefore I do believe that in the future they can crack down regarding bitcoins and can end up making things hard for the users.

[Ucy]

Well, if they are doing this to encourage clean environment I would support, but claiming it's going to cure the decaying/weakening Earth of her sickness won't sell for me.
The problem Earth is going through is simply due to increasing levels of lawlessness.

If you cross the natural line like murder unborn children, abuse the earth, hate people, eat bad foods etc you are contributing to the decay

[no-ice-please]

For the green side:
I feel it's going to have 0% effect.
Ignoring what many people are saying, 'greener' note not green just greener methods of energy production are springing up all over.
And ignoring what the loud people are screaming bitcoin mining really does not use that much energy.

From here: https://bitcointalk.org/index.php?topic=5325350.msg58300906#msg58300906
https://bitcoinminingcouncil.com/wp-content/uploads/2021/10/2021.10.19-Q3-BMC-Presentation-Materials-Final.pdf

For the tax side:
The 15% tax is a boogeyman. Taxes are good. That is what a lot of people don't talk about. Companies and people sit on their money and watch it grow.
Governments SPEND money. Keeping it moving. The more they spend the more businesses and people get. The more they get the more the government taxes them. Which the government spends again. It's like the circle of life.

-Dave

Yes, taxes aren't as bad as many people say or believe they are, but it is certainly important to consider what those taxes spent on. If every government in the world starts raising taxes in order to increase military expenses, I'd say that higher taxes are pretty bad. It is a question of context of course, I know, if one country spends a ton of money on military stuff, other countries are implicitly forced to do the same. I hope the higher taxes find their way to foster good causes.

[Shenzou]

Its that time of the year we get to see the G20 Summit meet to discuss issues relating to financial markets and generally the world economy.

And cryptocurrencies falling in the bracket of financial markets, we are interested parties of what is/was discussed at the G20 Summit.

Some of the takeouts of the summit

• G20 Nations agreed to stop financing coal plants abroad, "in an effort to limit the global average temperature rise to within 1.5 degrees Celsius by the end of the century" as reported by NY times
• Climate change and continued fight against global warming
• Setting of a minimum tax on big cooperate companies

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Are we likely to see more or fewer crypto related businesses coming on board after the minimum 15% tax rate is in full swing?

I feel like for the most part the crypto mining does not have a big affect on the global warming compared to what other industries have, that is because most of the huge mining rigs and mining companies are suing some sort of renewable energy like solar or geothermal, and even if we are to consider the ones that are just using regular electricity, than most of the grids in the world are produced by natural gas turbines and not by coal, and for that it think that this won't affect it as much.

[Evgenklm]

here I like the rhetoric about "green energy" the most... so how to build factories and they cause much more damage to the environment than miners, so this is normal...in general, we don't know much, all the important issues on this score are discussed behind the scenes.I didn't hear anything new there.

[aoluain]

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Miners are going into the green method already, although not 100% of course. But the point is that it does not take a G20 summit for them to explore renewable sources of energy. After all, the environmental issue in Bitcoin mining has been hotly discussed and debated several times already even before the G20 summit is scheduled.

Anyway, the crypto ecosystem has been thriving for years with or without the support of powerful countries. So I don't think there's much effect of this summit to crypto.

My thinking is Crypto miners are consumers of energy, they use what is provided
by the energy generators, isnt it up to them to source green renewable energy?
(not sure how that is achievable)

Bitcoin mining and energy consumption always attracts debate but I dont think
other industries ripping the earth apart in search of rareties or farming get
as much attention on the green agenda as Bitcoin.

On the G20, its just more waffle to be seen trying to do the right thing and afterwards
fly home in their private jets...

[wxa7115]

Its that time of the year we get to see the G20 Summit meet to discuss issues relating to financial markets and generally the world economy.

And cryptocurrencies falling in the bracket of financial markets, we are interested parties of what is/was discussed at the G20 Summit.

Some of the takeouts of the summit

• G20 Nations agreed to stop financing coal plants abroad, "in an effort to limit the global average temperature rise to within 1.5 degrees Celsius by the end of the century" as reported by NY times
• Climate change and continued fight against global warming
• Setting of a minimum tax on big cooperate companies

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Are we likely to see more or fewer crypto related businesses coming on board after the minimum 15% tax rate is in full swing?

A great deal of the time those reunions do not really bring much as each country has their own interests, raising corporate taxes seem like a good idea to those that like taxing the rich but it is never going to work, those companies have the best lawyers and accountants their money can buy, plus they have all kind of political connections.

So as long as a single country allows them to operate with lower or even no taxes at all then governments will not see a single additional dollar out of those companies.

[Darker45]

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Miners are going into the green method already, although not 100% of course. But the point is that it does not take a G20 summit for them to explore renewable sources of energy. After all, the environmental issue in Bitcoin mining has been hotly discussed and debated several times already even before the G20 summit is scheduled.

Anyway, the crypto ecosystem has been thriving for years with or without the support of powerful countries. So I don't think there's much effect of this summit to crypto.

My thinking is Crypto miners are consumers of energy, they use what is provided
by the energy generators, isnt it up to them to source green renewable energy?
(not sure how that is achievable)

Bitcoin miners have the option to source their own green energy. They don't have to depend on the power provided by energy generators. As a matter of fact, it has already been achieved. A number of Bitcoin mining companies are now using energy from renewable sources such as hydro and solar. Others are consuming surplus energy.

Bitcoin mining and energy consumption always attracts debate but I dont think
other industries ripping the earth apart in search of rareties or farming get
as much attention on the green agenda as Bitcoin.

I think the criticism against Bitcoin mining energy consumption is a little bit exaggerated. I guess it is somehow being exploited by the critics as another soft spot for an attack.

[yhiaali3]

I doubt that the meeting of the G20 will have any effect, they have met many times before and made many decisions about the clean planet and the need to stop the emission of carbon dioxide, but what happened??!! The construction of factories and facilities that release more carbon into the atmosphere and that dump more toxic waste into the seas and rivers is increasing!!! Has any of the twenty countries or others dismantled any of its factories to preserve the environment??!!!
People are used to this political nonsense, so I think the G-20 decisions will not affect mining in any way. Mining will continue to use electricity until cheap and sustainable energy sources are obtained.

[so98nn]

I am very happy that we are discussing how G20 is going to fight against the carbon emission motto and reduce it for the sake of Green Earth. What I dont understand is, why bitcoin should be targeted in all of this?

I mean the whole banking system, its server, its back up server (all around the globe), Giant IT companies (Visit India, they are in acres with thousands of IT peeps under one roof) working 24 x 7 in shifts and what not. Imagine how much electricity they are using? Does any one speak about how much indirect carbon emission they are doing?

I am 100% sure that small to mid scale mining farm use less energy than a acre spread IT company using electricity for its Servers, PC's, AirConditioning Units, Lights etc.

It's complete non sense to target something that you can't control. OR may be its being targeted because you can't control it.

[Ozero]

How will this affect crypto mining, are miners going green after this or we might change our mining methodologies?

Miners are going into the green method already, although not 100% of course. But the point is that it does not take a G20 summit for them to explore renewable sources of energy. After all, the environmental issue in Bitcoin mining has been hotly discussed and debated several times already even before the G20 summit is scheduled.

Anyway, the crypto ecosystem has been thriving for years with or without the support of powerful countries. So I don't think there's much effect of this summit to crypto.

Due to global climate change and the need to combat the harmful effects of this phenomenon, states will in any case tighten the conditions for mining and circulation of cryptocurrency. There are already calls to ban the mining of cryptocurrencies with an energy-intensive PoW algorithm, and most likely, states will decide on such a ban. It is still difficult to say whether this issue will be considered at the G20 summit, or whether it will be done in a different way. But cryptocurrency will be on the agenda at more than one G20 summit.