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Author Topic: Will countries ban Bitcoin mining due to environmental concerns?  (Read 1452 times)
Abiky (OP)
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December 26, 2022, 01:04:31 AM
 #141

Makes sense, I think you're right. The government doesn't want bitcoin which is known as a decentralized currency. The government and the haters are just trying to brainwash the public so that they are not interested in bitcoin and mining, as a result it seems that they are not completely successful because people can find out about the advantages of bitcoin through many references.

I'd say the government would just keep spreading the theory around, but it's never really what they say it is. I don't hate governments, but they seem hard to accept something as uncontrollable as bitcoin.

There are conspiracy theories indicating that the FTX collapse was intentionally made by the government to make crypto unappealing to the general public. I wouldn't be surprised about this, especially when governments don't want to lose control over people's financial lives. Not only the FTX collapse might've been intentional, but also central banks' willingness to keep raising interest rates to add more pressure to BTC's market price. We've already seen the excuse of the mining ban by EU countries, so don't expect things to get better anytime soon.

Bitcoin is on a never-ending war against banks and governments, due to its decentralized and censorship-resistant nature. It'll be up to us to help keep it that way for future generations to enjoy. Who knows if it gets to live 100 years from now? Just my thoughts Grin

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January 27, 2023, 09:58:25 AM
 #142

There's a good chance they may impose restrictions or outright bans on small-scale bitcoin mining because it is the most deteriorating form of crypto mining that exists today. Large-scale minings aren't that debilitating as they use their very own energy source as a way to power their operations. Small-scale GPU/CPU miners use their local grid's electricity supply and therefore their local energy resource to power their operations which is not only sustainable on the provider's part, but is also detrimental to the quality of the environment. Add to this the fact that more and more people are becoming more aware and active in protesting for the welfare of the environment, and it's sure as shooting that they'd impose such bans in the future if this type of situation keeps up.
Whether states will ban or tighten the mining of bitcoin or other cryptocurrencies with the PoW algorithm will depend on how they solve the current energy shortage problem. Most likely, the state will discuss this issue and such a decision is quite possible. However, this is unlikely to affect the circulation of bitcoin.
According to Blockchain.com, 90% of all bitcoins were mined 12 years after miners received the first bitcoins. This means that about 18.9 million coins out of a maximum supply of 21 million are now on the open market. Therefore, even if states decide to ban bitcoin mining, and even if they can control such a decision, then bitcoin may well get by with the current amount of almost 19 million.

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January 27, 2023, 08:43:34 PM
 #143

They might attempt to ban it because of the noise pollution of the Mining machines. But at the long run they will also accept the Mining. Because if you compare Gold Mining with crypto mining is no too much different. In comparism, gold mining is even the worst because there two disasters in gold mining. 1. The noise and 2. The ground as been damage with holes which can cause tremors if not properly fill up. But individuals can give up on bitcoin mining for lack of electricity power supply in some part of the world.

Let keep our environments safe

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January 27, 2023, 09:06:56 PM
 #144

I am not really that much interested in mining being such a vocal point of bitcoin to be fair. And yeah I know that satoshi implemented that to make sure that its safe and secure, which is why it will probably stay PoW no matter how many others turn to staking, ETH started a chain probably. But at the end of the day, it doesn't have to be everywhere, and I don't even think it should be a big deal. With some new innovations, I am sure that we could make it a lot less hurtful to the environment and we would probably see the results being a lot better in the long run because we really need to clear up the energy usage in everything.

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January 28, 2023, 04:47:33 PM
 #145

It's true that mining of BTC consume lots of energy but in the world we are today the chunk of greenhouse gas emissions from gas plant and CO2 emissions from automobiles has much more effect on our environment. That's not to say that a solution to mining mustn't be proffered I believe we should use solar panels which is safer....
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January 28, 2023, 07:26:02 PM
 #146

It is possible that some countries may consider banning or regulating Bitcoin mining due to environmental concerns, as the process of mining Bitcoins requires significant amounts of electricity. However, it is also possible that regulations or measures to mitigate the environmental impact of mining may be implemented instead of an outright ban. Ultimately, whether or not a country decides to ban or regulate Bitcoin mining will likely depend on the specific circumstances and priorities of that country.
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