Will countries ban Bitcoin mining due to environmental concerns?

[Abiky]

Most recently, the state of New York (in the US) passed a bill to ban Bitcoin mining due to environmental concerns. Some time ago, the EU did something similar (although it came into law) making both investors and miners largely concerned about the future of PoW cryptocurrencies like Bitcoin and Dogecoin. If FUD related to PoW mining damaging the environment persists (remember Elon Musk also criticizing Bitcoin?), then cryptocurrencies with PoW algorithms will be forced to switch to PoS altogether. Bitcoin will be the mostly affected since it's the biggest PoW cryptocurrency in the world. Growth for the pioneer cryptocurrency will stifle, forcing miners to close down their business for good.

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

[1714104928]

1714104928

[1714104928]

1714104928

[1714104928]

1714104928

[1714104928]

1714104928

[1714104928]

1714104928

[1714104928]

1714104928

[stompix]

The state of New York did not ban bitcoin mining!
https://www.nysenate.gov/legislation/bills/2021/A7389
https://legislation.nysenate.gov/pdf/bills/2021/A7389C

1. For the period commencing on the effective date of this section and ending two years after such date, the department, after consultation with the department of public service, shall not approve a new application for or issue a new permit pursuant to this article, or article seventy of this chapter, for an electric generating facility that utilizes a carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.

Same for renewal of licenses.

[LoyceMobile]

Banning mining isn't the same as banning Bitcoin. It's basically what happens when electricity prices go up: miners move to another country.
Here, taxes are high enough to make Bitcoin mining not profitable. That makes a ban on mining useless.

[ultrloa]

There are several issues rises about this but I guess this is not relevant information to believe on, most provably the miners are not totally afraid about those things and they just rather think about the rising prices of electricity since this is more realistic problem to them. Maybe there are few country will impose this law but I don't think this will happen on all of the country around the world.

[Rruchi man]

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns?

So far, because mining involves large consumption of electricity, the real threat which bitcoin mining posses is an increased consumption of power which sometimes means increased carbon emissions. Countries with already a high percentage of carbon emission via massive industrialization and having much concerns for the environment and global warming will seek out ways to cut and reduce their carbon emission and making their country unfavourable for miners through policies, increased tariffs and even total ban are all options for them.

Carbon emissions are not equal worldwide, so countries with lower carbo emissions may not pay attention to miners even if they ban bitcoin use in the country.

[Jating]

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

No, I don't think that countries will immediately jump on banning bitcoin just because some organizations saying that it harms the environment.

I'm also not convince that it needs to switch to PoS. And it will survived being the only PoW crypto, after all its the prime mover so I'm not sure what will make people not to invest despite this bad publicity. Banks as well is contributing and should be considered as environment concerns.

https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

[avikz]

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

There is a possibility of banning POW mining by some countries. I know NY has recently drafted a bill proposing such ban and that might gain traction if other US states decides to go to the same way. If US decides on imposing a ban on POW mining, EU may start looking into the same option. So I would say possibility exists!

But chances are very high that some other countries may come forward and seize the opportunity. Especially those countries where the temperature remains low throughout the year. An absolute ban will not be possible but some major economies and their allies may impose such bans.

[yazher]

They won't do it because as of now, the world has different opinions regarding it and that would not totally affect bitcoins once some country became hostile against miners, other countries will warm-heartedly welcome it. As for the critics out there. they won't cease to find some way to mock and degrade bitcoins, we just need to ignore them and leave them alone with their false claim because if ever we gonna give them some attention, that's when they think they are right and pursue their claims even though they don't even have enough evidence at all. It's sufficient for us to see big companies such as Paypal and others are now supporting it today, that would be a big slap to haters.

[Darker45]

To clarify, if I'm not mistaken, the bill does not call to ban Bitcoin mining. I guess the word ban is not apt at the very least, a FUD at most. The bill simply calls for a moratorium. The moratorium will last for two years. Moreover, the bill only applies to certain Bitcoin mining operations, those that use electricity coming from nonrenewable sources. Those Bitcoin mining operations that use green energy shall be allowed to continue within and beyond the 2-year moratorium.

Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.

[Lucius]

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

In a world completely dependent on fossil fuels it looks really idiotic when someone deals with something they can't control in this way. Bitcoin mining is at the very bottom of the problem when it comes to the environment and this cannot be a compelling argument when it comes to any ban. Of course, that won’t stop some countries from continuing to push that pointless agenda, or that geniuses like Mr. Mars from time to time say Bitcoin isn’t green enough to use it for transactions.

POS will never happen, no matter what blackmail they come up with - and in about 10 years, will this debate make any sense at all if we know that 99% of BTC will be mined, which means that the 1% (210 000) what remains will not certainly increase the number of miners, but will drastically reduce it.

[mk4]

Knowing that a lot of countries won't like the fact that they can't effectively control Bitcoin, it isn't outside the realm of possibility that some countries would ban Bitcoin — claiming it will be because of "eNviRoNmEnTaL cOnCeRnS".

[n0ne]

It doesn't look like countries ban bitcoin mining due to environmental concerns. Countries begin to make ban on mining due to power shortage happening around. More problem takes place when mining is done illegally. Countries tried the best to make stop illegal mining and give way for registered miners. The governments weren't able to do this, and the same has resulted in the complete ban of mining.

[TheUltraElite]

I can divide the countries of this world into two groups - one being pro-bitcoin mining and another anti-bitcoin mining.

In that case all the miners from anti-bitcoin mining countries will move to pro-bitcoin mining countries. Very soon this group of countries will start to take advantage of these "foreign miners" by taxing them or putting them under certain monetary restrictions so as to generate some income from them.

Eventually if such bans actually happen this above scenario is how it plays out. Then the second group will understand its own folly and become pro-bitcoin mining too and welcome its outcasts back.

But such events have happened in the past concerning other matter, so I guess the governments will not take such steps without thinking twice. The narrative of "environmental concerns" has been debunked several times with data.

[Findingnemo]

Countries can ban mining but the miners will move to other place and that is what exactly happened when China banned mining due to shortage of electricity. So Bitcoin mining can happen until all the countries ban mining but this isn't really due to environmental concern just a reason to stop the future of decentralized payment system.

[Marvell1]

To clarify, if I'm not mistaken, the bill does not call to ban Bitcoin mining. I guess the word ban is not apt at the very least, a FUD at most. The bill simply calls for a moratorium. The moratorium will last for two years. Moreover, the bill only applies to certain Bitcoin mining operations, those that use electricity coming from nonrenewable sources. Those Bitcoin mining operations that use green energy shall be allowed to continue within and beyond the 2-year moratorium.

Anyway, I don't believe that there will be a worldwide ban on Bitcoin mining.

That's right, NY explains that they have no intention of banning Bitcoin mining. This is a 2-year suspension for the issuance and renewal of the fossil fuel use. It's still legal to mine bitcoins with other energy. This rule does not affect miners (<20 miners).
https://cryptoslate.com/lawmaker-behind-ny-crypto-mining-bill-clarifies-it-is-not-a-blanket-pow-ban/

[ChiBitCTy]

Most recently, the state of New York (in the US) passed a bill to ban Bitcoin mining due to environmental concerns. Some time ago, the EU did something similar (although it came into law) making both investors and miners largely concerned about the future of PoW cryptocurrencies like Bitcoin and Dogecoin. If FUD related to PoW mining damaging the environment persists (remember Elon Musk also criticizing Bitcoin?), then cryptocurrencies with PoW algorithms will be forced to switch to PoS altogether. Bitcoin will be the mostly affected since it's the biggest PoW cryptocurrency in the world. Growth for the pioneer cryptocurrency will stifle, forcing miners to close down their business for good.

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns? If not, why? If mining is banned, do you think Bitcoin will switch to PoS? Will it still survive being a PoW cryptocurrency? Your input will be greatly appreciated. Thanks.

I think if countries do start to ban bitcoin mining it will be an excuse for them to ban bitcoin/cryptocurrencies.  The amount of waste countries create in all sorts of different situations pales in comparison to bitcoin mining.  It also might be pretty difficult for them to enforce.  Again I think if they do ban, it's more so they don't want bitcoin being around than it is they are concerned for the environmental impact.

[Apocollapse]

This environmental concerns is just a gimmick for government to make a bad news that will affect the newbies to not invest on Bitcoin. Many newbies are just only believing what the media is saying and not doing any research to prove it's legit or false, if they do a bit research, they will know banks system do harm the environmental rather than Bitcoin mining.

[Zlantann]

The crypto industry is doing all it can to diversify to renewable energy. According to Bitcoin Mining Council Q3 2021 report, 57% of the energy used for crypto mining comes from renewable sources (hydro, wind, solar, nuclear, geothermal and carbon generation with carbon offsets as defined by the). Moving to green energy is a gradual process hence; the government needs to give crypto miners time to diversify their energy source.
Harsh policies against the crypto industry also have its economic effect on the state or country. Economic analysts have warned that this bill can lead to massive job loss because many local vendors consisting of electricians, engineers, and construction workers earn from the crypto industry. Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities in New York. An exodus of crypto miners could translate to jobs and tax dollars moving out of state. More countries would become Bitcoin friendly in the nearest future because the so-called environmental concerns would be reduced drastically due to mass adoption of green energy.

[NeuroticFish]

This was the reason I fear NY situation can create a dangerous precedent: govts have just seen the can ban mining operations and throw to the plebs the "bitcoin is bad for environment" story, which most seem to believe.
Still, the NY so-called ban still needs to be signed by the governor, and this didn't happen (and may not happen too soon, if ever). So there may be just another newspapers worthy useless drama.

[tadamichi]

Do you think countries worldwide will ban Bitcoin mining due to environmental concerns?

The better question to this is, can they and will it have lasting effects and will enough countries do it? And the answer to this is no.

If mining is banned, do you think Bitcoin will switch to PoS?

Maybe some altcoin will, but not BTC

Will it still survive being a PoW cryptocurrency?

1000%

then cryptocurrencies with PoW algorithms will be forced to switch to PoS altogether.

Also this isnt possible if you look at how nodes work.

Growth for the pioneer cryptocurrency will stifle, forcing miners to close down their business for good.

This FUD, bans and so on exist since years, yet bitcoin has more hashpower than ever and is the most successfull asset of all since its beginning and is still here doing fine.

If not, why?

You can check out the technical development section, there was many great answers to this.

Dont buy into the FUD guys.