What is the real impact of cryptocurrency mining?

[GFDhd]

According to statistics, Bitcoin and Bitcoin Cash currently consume about 70 terawatt-hours per year (1 terawatt-hour = 1 billion kilowatt-hours). This means that the Bitcoin network requires more electricity than the whole of Switzerland and the Czech Republic consumes. Russia’s central bank has been a hardliner in discussions about the future of cryptocurrencies in Russia, proposing a blanket ban on most related activities, including mining operations, earlier this year. Recently, however, the Central Bank of Russia (CBR) said it would agree to legalize cryptocurrency mining, provided that the output mined by miners in Russia can only be converted into fiat currency outside Russia.

[avikz]

If some countries ban bitcoin mining, some other countries will step in and seize the opportunity. Also do you have a clear data to show how many percentage of 70 terrawatt hours are fulfilled by renewable energy? That will show the real impact of bitcoin mining across the world. Otherwise you will always have an one-sided perspective to it like many European countries are getting.

If Europe bans it, Russia will rightfully step in and welcome the miners to setup operations in their country. That's how international businesses work so miners will never run out of choice.

[Lucius]

Do we need another thread about what should be an already finished story considering the number of posts on that topic on the forum?

@GFDhd, please read -> Debunking the "Bitcoin is an environmental disaster" argument.

[yazher]

If Europe bans it, Russia will rightfully step in and welcome the miners to setup operations in their country. That's how international businesses work so miners will never run out of choice.

That's really one of the major advantages of the miners when they are not welcome in certain countries, other countries will offer them home to operate freely and of course, they will both make profits. Those bitcoin haters always find some way to accelerate the banning and stoping the operations of miners all around the world but thankfully they are always behind when it comes to reasoning because other countries seem intelligent enough to ignore their so-called warning which is kinda bias.