Bitcoin mining ban in Europe

[zasad@]

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

[BIT-BENDER]

Of a certain this can affect the price of Bitcoin. As we all know Europe is a very big factor in terms of its global Crypto-currency activities, so a ban to mining mining in Europe would really cause a very noticeable reduction in mining and may also affect the transactions confirmation timing.

Although realistically I don't this it's possible to completely ban mining in Europe, it just an informal way to make mining even more expensive and cut out some miners. But this topic would raise eyebrows to the importance of having more energy efficient way of mining

[DaveF]

If it's only 10% as stated then VERY short term it might matter, but in the long run probably not.
There are enough green / renewable places to mine for people that want it. And enough other places that don't care where you can have mining farms.

And lets face it, no matter what you are never going to stop home mining and small operators. If you force the big players out of an area out it just means more and cheaper equipment for others.

-Dave

[bitbollo]

in the past we have seen the ban of mining in China that was an huge amount of hashrate.
miners have just relocated their operations or sold their mining equipments to other users.
For what I have seen price has been interested in a short timeframe but after while this has not any real impact.

In this case, there is just a tiny amount, I don't see any real threat for btc price.

[Rikafip]

Can this affect the price of bitcoin or is this another anti-mining statement?

It is definitely anti-bitcoin, but I think that all bitcoiners got used to that by now. And no, I don't expect it to affect bitcoin price much in the long term.

If it's only 10% as stated then VERY short term it might matter, but in the long run probably not.

Keep in mind that in that article they count all crypto mining and not just bitcoin so the actual percentage of bitcoin mining is even lower, meaning it would be even less of an impact.

[Nwada001]

miners have just relocated their operations or sold their mining equipments to other users.

Exactly what will just happen. all heavy miners will just have to relocate to somewhere safe, if the equipment will be heavy for them to carry then will have to sell it.
if not for the amount of energy that is being consumed miners can easily operate underground but the government will have to track energy usage.
So far as the miners are making a profit and they can't just close their businesses, they will just have to move their businesses to areas and places where they will be accepted with open arms.
And I don't even think it reduces BTC price in any way it will only slow down the amount of time it takes to complete a BTC transaction a little, which will make not much difference.

[Hamza2424]

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

From a particular angle i think it won't but 10% is not a small number that can effect the Network in my Openion still i think network is way more distributed. In the term of price fluctuation i think it won't be much aggressive as i think maximum of the captulation is done on JULy and then in September so i can feel that it won't effect any much.

Lets watch as i was expecting some good News but here it is one more bad news.. Bht nothing to worry 😉 as News is news haha atleast BTC is still being discussed which can be a +ve point.

[BigBos]

Of course if Europe represents the amount of 1% enough to have an impact on Bitcoin especially its price. It's just that behind the policy I am quite suspicious that people who have control over the policy are leading an opinion on the availability of energy which is now increasingly narrowed. Russia has also cut its supply to Europe where other energy has been forced to save.

[Captain Corporate]

Energy sector is one of the highest subsidied (after agriculture) and one of the highest lobbying sectors in the whole world. Which means that they could get away with whatever they want without a problem. Normally you would expect them to face this energy spending miners with open arms, because they are great customers right? But they have done nothing for them at all, absolutely nothing. Which shows that we are also a threat to energy sector, why? Well because miners could kickstart the "self energy sufficient people" movement, where if you are a miner, you could get solar panels and cover your expenses, people seeing that at work could do that at their home, and their friends who learn more about it could do that too and it could grow super big. This is why miners are a big risk to energy companies.

[Adbitco]

We can commonly say there will be no effect of EU bans mining, if I may we can use China is a case study how they ban crypto mining yet the price didn't drastically down what we don't expect but was only dip for just within the week the law was implement so I believe same thing would likely happened to Europe. If 10% would affect the entire crypto mining  No not really possible.

[Z-tight]

This is another operation against proof of work. Since ethereum moved to a centralized proof of stake method, greenpeace began their 1 million dollars campaign against bitcoin proof of work, and this news too is along that lines.

“In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,”

Load shedding is normal in the electricity sector, it is a method they have been using for many years to prevent damage, but i feel the government are now using it to their advantage in their operation against proof of work, because why should only miners be targeted if there is need to load shed, they want to send the wrong message that mining is using up too much energy and should be stopped, but surely bitcoin is never moving to a centralized method like proof of stake.

In the long term, “it is also crucial to put an end to tax breaks and other fiscal measures benefitting crypto miners currently in force in certain member states,” the commission said.

Is all of this not put up to make things harder for miners all because they do not like proof of work.

[BitMaxz]

I don't think this gonna hurt the price of Bitcoin if it's a bull market. I believe it could slightly impact they just want to get ready for massive power consumption and more people will enter into the crypto mining business just like what happened before after the block halving many people become interested in mining due to fast ROI and profitability.
They just see what will happen in the future and they just want to regulate them and push other people to invest instead in trading which is required KYC compared to mining which doesn't need KYC.

[Gallar]

a lot or not, it will definitely affect the price of bitcoin, but in my opinion it won't have much effect, because even if there is a ban, surely the miners will continue to try to be able to mine, in any way.
because it was their job, so surely they would keep trying to be able to mine.

[thefaucetrunner]

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

Sounds like something that will be very difficult to enforce.

People are growing weed in warehouses all across Europe and consuming similar amounts of electricity. I can't see it doing anything.

The EU is overstretching itself again.

[OcTradism]

There are so complicated things in the Europe. The Russia - Ukraine war, the energy crisis, the financial crisis and more. In the coming winter season, it is important for governments and citizens there to fight (should be successful) against the energy crisis and energy war from the Russia.

The war and the exploitation of Russian government on gas, fuel as their most powerful and effective tool to create pressure on Western governments, together they make the societies in Western countries become worse and more chaotic.

With all of sudden arising pressure, I can understand when Western governments have to enforce more stricter regulations on energy usages as well Bitcoin or cryptocurrency mining. It is one of their temporary solutions to reduce impacts from the war and Russia to prevent worse energy shortages in the Winter.

The war won't last forever, the energy crisis and dependence on Russian energy resources won't last forever. Mining industry will see sun-lights at the end of tunnel, at the end of the war. I believe in 2023 Winter season, things won't be bad like this year.

[theedm09ka]

the EU is slowly becoming a massive continent of over regulation and zero innovation 

[Die_empty]

Can this affect the price of bitcoin or is this another anti-mining statement?

The impact of the Russia-Ukraine war is hitting the economies of most European nations hard. Winter is close and most countries are not sure of their power source. But these nations are also facing economic challenges, hence they also need an increase in revenue through tax. I don't think this ban would be very effective because there are other ways to sort out these power challenges like load shedding and rationing. Most of these nations also depend heavily on the revenue they can get from the mining tax in their locality.

Sometimes I keep wondering why the target is always bitcoin when it comes to power issues, while other sectors like gaming and banking also consume more energy. But currently, most bitcoin mining firms have developed new technologies that have made their power source clean, green, and independent. It is also important to state that other nations outside the European Union would be very willing to welcome bitcoin miners. I am sure Africa would be a very good destination for them.  

Even if it affects the price of bitcoin, the impact would be short-lived and minimal.

[Iranus]

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

Europe is experiencing a severe energy shortage this winter so I wouldn't be surprised when they enact this ban. Currently, many companies and businesses in Europe are on the verge of bankruptcy because of energy shortages as well as too expensive costs. This ban is likely to be temporary and it will be reinstated when the European economy recovers and things return to normal. This will definitely affect the bitcoin price but won't be too severe as we all know the root cause of this ban, IMO.

[passwordnow]

https://www.coindesk.com/policy/2022/10/18/eu-countries-must-be-ready-to-block-crypto-mining-commission-says/
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
"The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Europe represents 10% of global proof-of-work mining"

Can this affect the price of bitcoin or is this another anti-mining statement?

I don't think that there will be any effect on the price of bitcoin just because another continent has said something against mining and bitcoin. Just like the typical statements from countries that have said something about banning bitcoin et. al., the price doesn't react so much anymore with that. I think this has something to do about centralization and that's what they want to implement so they want to ban PoW and wanted to be favorable with PoS.

[8rch7]

Even though Europe has again banned bitcoin miners, I personally don't think it will be affected by the price or value of bitcoin, because we know that China has done the same thing but the price of bitcoin remains the same as usual, the reason for Europe banning bitcoin is due to environmental problems, the same as given by the Chinese government, but I'm sure not all European governments agree with the bitcoin mining ban, only a few people propose a bitcoin mining ban.