They will try to stop Bitcoin

[mynonce]

https://www.fi.se/en/published/presentations/2021/crypto-assets-are-a-threat-to-the-climate-transition--energy-intensive-mining-should-be-banned/

''We therefore call for:

1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.''

''A ban on the proof of work mining method within the EU could be an important first step in a global move towards a greater use of more energy-efficient crypto mining methods.''

 

Edited 23/Feb/2022

EU on Track to Ban Bitcoin: Report

'Bitcoin will be banned in the EU starting from 2025 if the Commission and the Council of the EU don’t ditch a crippling amendment to the MiCA framework'

source: https://u.today/eu-on-track-to-ban-bitcoin-report

Edit:
Changed the topic
''Why are they against PoW?''
to
''They will try to stop Bitcoin''

- that is my opinion -


... or the topic could be:

The topic of this thread should be : "they wish they could stop Bitcoin"

Much better, I tend to agree with you.

[1714703131]

1714703131

[1714703131]

1714703131

[TangentC]

People have been warning PoW was a technical dead end due to energy waste since 2013.
The Eventual PoW mining ban by every country of the earth is a foregone conclusion.
That is the phase we are entering now.

The bitcoin cults nutjobs will just scream fud like when China banned it.
But China still banned it.

Ethereum is switching to Proof of Stake, to solve their PoW problem.

[dothebeats]

They just can't point fingers on other industries that harnesses similar or even greater energy and produces similar or greater wastes because it will hurt their relationship with such industries. Bitcoin and crypto mining relying on PoW are easy targets, mainly because not a lot of countries and businesses are into it just yet. I understand the sentiments of those who signed on the Paris agreement that are trying so hard to reach their pledges, but they should also look into other industries that uses large amounts of energy and produces just as much waste in the end.

Then again, the fingers are already pointed, and sure enough bitcoin and crypto will take direct hit and be persecuted harshly and might even be blamed as the number one contributor in rising temperatures.

[mynonce]

...
Then again, the fingers are already pointed, and sure enough bitcoin and crypto will take direct hit and be persecuted harshly and might even be blamed as the number one contributor in rising temperatures.

They could start a big campaign against Bitcoin with that argument.

[Smartvirus]

As a crypto enthusiast, its not uncommon to express some biase on the attack on cryptos (Bitcoin and Ethereum) to be precised but at least, one point was made clear in that publication and that is, crypto mining should look out for a more conventional energy sources and shouldn't depend so much on fossil fuels. It's a point that I admire but then, the rest of the world has got to help crypto miners to solve this issue and not dump the whole thing on miners to look out for there sources of energy. They've got to treat crypto like other fields and not like some alian in the new world.

[worldofcoins]

As most users already mentioned that it's due to a waste of energy.
Another reason could be due to not having enough energy supply to those regions where a majority of people are mining the crypto-currencies.

[mynonce]

As most users already mentioned that it's due to a waste of energy.
Another reason could be due to not having enough energy supply to those regions where a majority of people are mining the crypto-currencies.

... and the true reason is: they want to stop Bitcoin?

[titular]

People have been warning PoW was a technical dead end due to energy waste since 2013.
The Eventual PoW mining ban by every country of the earth is a foregone conclusion.
That is the phase we are entering now.

The bitcoin cults nutjobs will just scream fud like when China banned it.
But China still banned it.

Ethereum is switching to Proof of Stake, to solve their PoW problem.

China didn't ban bitcoin because of environmental concerns. They take poor care of their environment as it is.

They banned it because they fear open networks such as bitcoin. They do not like having ANYTHING that cannot be censored one way or the other.

POW is not a bug in bitcoin, but one of its most important features. Don't get it twisted.

[Oceat]

They may have some point but it looks like a FUD to me, like how Elon left and stop Bitcoin payment when buying Tesla car. It's not right to stop crypto mining if they do really care the nature – they should stop using coal and gasoline too. I get their point that they want to have a healthy environment and wanted to have enough power supply to their people but it's not right to blame it all on Bitcoin mining. Bigger industry are using coal a lot and not to mention the smoke pollution they've caused but still they are still running.

[DarkDays]

As most users already mentioned that it's due to a waste of energy.
Another reason could be due to not having enough energy supply to those regions where a majority of people are mining the crypto-currencies.

PoW is unsustainable. This is the only reason why it is often frowned upon on, with PoS becoming the dominant method of securing and maintaining blockchain networks.

Plus, the shift in paradigm regarding the global energy usage plays a big role, and of course, media headlines pointing at the energy crisis and often blowing the picture out of proportion has many people convinced that crypto in general is a bad thing. Though, I do agree that the industry as a whole needs to become more energy efficient. In the same regards this is something that extrapolates to the whole world

[mynonce]

Changed the topic

''Why are they against PoW?''

to

''They will try to stop Bitcoin''


- that is my opinion -

[Darker45]

''They will try to stop Bitcoin''

This is not a matter of "will." They have already been trying to stop Bitcoin. This is just one of those attacks. This is in a way unique in that this is coming from another side. When Bitcoin was first attacked by these same scumbags, the attack came from the side of Bitcoin being labelled as an underground currency which is preferred by none other than the criminals. 

That attack didn't last long. Today, even the richest person on the planet and other billionaires own Bitcoin. That's why they're constantly changing attack approaches because they fail every time.

[odolvlobo]

The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions.

That statement is false. Bitcoin mining does not generate CO₂ emissions.

We therefore call for:

1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.

They should ban manufacturing, and then they should ban exports of electricity. Manufacturing uses 27% of all the electricity in Sweden and Sweden exports 21% of its electricity. Those two categories consume 80 times the electricity used for crypto mining and Sweden can cut it carbon footprint in half by banning just those two categories.

[smartaction]

Bitcoin mining requires a lot more electrical energy. And with that need a lot of Powerful equipment. Which costs more than bitcoin mining Amount. So it is not mined everywhere and no one wants to mine it very easily. Bitcoin is mined only in countries where electricity prices are low.

[Voxo2222]

https://www.fi.se/en/published/presentations/2021/crypto-assets-are-a-threat-to-the-climate-transition--energy-intensive-mining-should-be-banned/

''We therefore call for:

1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.''

''A ban on the proof of work mining method within the EU could be an important first step in a global move towards a greater use of more energy-efficient crypto mining methods.''

 


Edit:
Changed the topic
''Why are they against PoW?''
to
''They will try to stop Bitcoin''

- that is my opinion -

Do not worry they never stop it until btc price reaches to peak thats for sure 😀

[pooya87]

Am I the only one who sees that this nonsense about bitcoin energy usage started yet another time as price is starting to rise and sets new ATH every day? From last time that we were above $60k until this day there hasn't been any serious talks about it either which is very interesting as if all of a sudden all the environmental concerns wen't away the day price started falling and didn't rise for a couple of months

[Kakmakr]

They can ban whatever they want, but as we saw with the Chinese ban.... miners just relocate to another country where Bitcoin mining with POW is legal. The myth out there at the moment is that Bitcoin mining are only done with "dirty" energy ...but miners all over the world has shown that many of the biggest Bitcoin mining farms are actually using renewable energy. (Geothermal power / Hydro energy / Wind energy)

https://www.dw.com/en/cheap-electricity-makes-cryptocurrency-mining-profitable-in-venezuela/av-59046364

https://www.euronews.com/next/2021/10/29/volcanic-energy-is-creating-bitcoin-in-el-salvador

https://finance.yahoo.com/news/green-energy-sustainable-future-bitcoin-232841036.html

https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/

[Celinena]

The real reason is probably not the energy issue, but the interest issue. The market value of Bitcoin has already had a great impact on world finance. Maybe they know that Bitcoin is unorganized, but it can be blocked as long as it can be blocked.

[davis196]

European countries have nothing against Bitcoin.Some of them are against crypto mining,because:
1.Crypto mining isn't "green" enough.
2.Crypto mining uses a lot of energy and there was an energy crisis in Europe.The energy prices are too high,because the wind and solar power facilities don't produce enough energy and the natural gas prices went thru the roof(due to shortage). A lot of the electricity production in Europe is based on burning natural gas.
A possible crypto mining ban in the EU won't affect crypto mining,because the vast majority of the crypto miners are located outside the European Union.
OP,you should stop with the conspiracy theories.Nobody in Europe is trying to stop Bitcoin.

[cabron]

They are just diverting the blame to Bitcoin and POW. POW is what secures the network.

The goal of what they are doing could lead to using fossil fuel as illegal. But what will really force the countries not to use fossil fuels or coal when they have the resources to explore?  I don't EU will stop countries like India, Russia, or China in going to making massive improvements to thier economy in using their fossil fuel. These are the countries that will fight for thier survival. The world could change to alternative energy but thier promises to thier citizen will have to be achieved first before they will turn to alternative energy.