Do You Think Bitcoin Mining Will Be Banned Due to Fears of Climate Change?

[Pmalek]

I'm not sure the links you shared are particularly good news for the UK. While it does make it seem pretty unlikely that lawmakers there would pursue an outright ban on bitcoin, talks of more and more regulations are unwanted. Bitcoin does not need regulated. Reading between the lines, it sounds like this is them paving the way for a CBDC.

They are looking to regulate stablecoins and bring them more under their control. I agree with you. The first article shouldn't be understood as appreciation of stablecoins or crypto, or that the Prime Minister is saying: good chaps, just carry on. They want more control of the whole system that needs to answer to them. And most importantly, they are looking into how they can tax their subjects' crypto activities.

But the news seems to have had a positive impact on prices that are in green after a long time. Still, there is a long way to go before the bill becomes a law as they mention in the last paragraph of the 2nd article. 3 more steps.

Next, the bill has to go through the House of Lords, the upper house of the Parliament, before the amendments are given a final consideration followed by royal approval by King Charles III.

https://www.coindesk.com/policy/2022/10/25/uk-lawmakers-vote-to-recognize-crypto-as-regulated-financial-instruments/

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[NotATether]

But the news seems to have had a positive impact on prices that are in green after a long time. Still, there is a long way to go before the bill becomes a law as they mention in the last paragraph of the 2nd article. 3 more steps.

Next, the bill has to go through the House of Lords, the upper house of the Parliament, before the amendments are given a final consideration followed by royal approval by King Charles III.

https://www.coindesk.com/policy/2022/10/25/uk-lawmakers-vote-to-recognize-crypto-as-regulated-financial-instruments/

At least the UK isn't hysterically trying to ban Proof of Work mining because there would be no way to do that feasibly and not kill the dozens of crypto fintechs that are registered in the EU.

[henmark]

It is already banned in some countries but some banned it for different reasons and not totally because of climate change nor btc is PoW. Not only btc but all cryptos are banned on them as well. Not all governments are the same.

If you live in a country with a more strict government then they won't give any consideration but ban btc and btc mining while for others, they will encourage miners to use renewable energy. If not then they will banned it as well but miners can't disagree with it since governments will also help them financially, so I choose the third option in the poll. On the second option of the poll, maybe you mean mining will be less in demand after it?

[Marvell1]

-snip-

I'm not sure the links you shared are particularly good news for the UK. While it does make it seem pretty unlikely that lawmakers there would pursue an outright ban on bitcoin, talks of more and more regulations are unwanted. Bitcoin does not need regulated. Reading between the lines, it sounds like this is them paving the way for a CBDC.

It is true that bitcoin does not need regulation, regulation does not benefit bitcoin, but I think regulation will be the general regulation for the entire crypto industry. Do you think cryptocurrencies need regulation? with scams rampant in the altcoin market causing heavy damage to investors and the overall reputation of cryptocurrencies. If we want to be popularized and mass-adopted, regulation is inevitable. Regulations can be frustrating if they are too strict but let's look at the bright side, cryptocurrencies are getting bigger and crypto is inevitable.
CBDC is bound to happen like it or not, but I don't see CBDC having any effect on bitcoin, so let them happen.

[o_e_l_e_o]

Do you think cryptocurrencies need regulation? with scams rampant in the altcoin market causing heavy damage to investors and the overall reputation of cryptocurrencies.

Regulate altcoins and stablecoins all you want. Hell, ban them outright, since >99% of them are either useless, vaporware, or outright scams. But bitcoin does not need governments trying to stick their noses where they don't belong and dictate how it is allowed to function.

If we want to be popularized and mass-adopted, regulation is inevitable.

Sure, but there are regulations like "We'll apply capital gains for bitcoin except for transactions less than $1000" which encourage its usage as a currency, and then there are regulations like "You are only allowed to hold bitcoin on wallets which collect your KYC data and report it to the government", which do the exact opposite.

Regulations can be frustrating if they are too strict but let's look at the bright side, cryptocurrencies are getting bigger and crypto is inevitable.

Bitcoin is inevitable because of how horrendously governments around the world have mismanaged their fiat currencies. We don't need those same governments trying to influence bitcoin.

[Pmalek]

On the second option of the poll, maybe you mean mining will be less in demand after it?

I meant to say that it could become harder to acquire the proper permissions and licenses to begin or keep running a mining company. If you are the government, and you can't shut down a business because they haven't done anything illegal, so you have no basis to justify your actions, there are other ways to make life harder for them. Send your inspection dogs to pester them and fine them for various mistakes. Inspection officers are like teachers. If they want to fail you, they will find questions you don't know the answers to. Increasing taxes and fees are also methods to force people to reconsider if they should be involved with mining and is it affordable.     

[Lida93]

Looking outside the box it could be noticed that it's not just the effect crypto mining is posing on the climate that is the root concern as it is claimed but the inability yet by government to regulate and make a centrality of cryptocurrency is just the area of concern. Else there are many technological operations and inventories that are inimical to the climate and just crypto mining, so what extend have they gone thoroughly to end or bring a way out from these other inventions except from the crypto ban they're focusing on.

[CryptoHeadlineNews]

The fact is, irrespective that we all like what bitcoin has to offers i.e making transaction anonymous, the need for a safer and better climate can never be over-emphasized, as that's one thing we all need to live a healthy life in this world. But however, in regards to the question about bitcoin mining, I think the possible decision will be that government should incentivize those still mining with fossil fuels to transition to clean energy, since Bitcoin has become a more commonnly used digital currency and in most case a legal tender to some countries (El Salvador and Central African Republic)  

[uchegod-21]

Though that the government has been looking for various ways to stop or ban Bitcoin and its mining activities ,but I don't think at this stage of awareness and adoption of Bitcoin, that this is gonna be that easy for them to completely ban mining. Why?, This is because it's not gonna be easy to have a global ban on Bitcoin mining happen at same time. reason, this country may find reason to ban Bitcoin mining while the other country may see reason to adopt or see an opportunity to continue mining. Taking for instance,  China banned mining while US took the opportunity and Increase their mining firms.

This is my confidence, because countries of the world are in problems and some are fighting one another. The war in economy and every aspect of competition. Anything US reject, China will likely accept. Anything China accept, US may likely reject. If one US bans bitcoin mining, you will see another country will accept mining to make sure that they are against US. With this, Bitcoin will either be loved by one country or the other.

[Davidvictorson]

Do you think it will be banned entirely after scaring people with climate change concerns?  

In my opinion, bitcoin mining cannot be banned until they ban the factories the are making mining rigs. I mean a ton of waste is produced by these factories. Imagine the computer chips, plastic, and a lot of the other parts that go producing enough to support entire mining rigs. Also why do people turn a blind eye to countries that are still running nasty coal plants that pollute the armosphere and instead turn to bitcoin mining that do not damage the atmosphere?

[Pmalek]

The fact is, irrespective that we all like what bitcoin has to offers i.e making transaction anonymous...

It's worth remembering that satoshi never talked about Bitcoin being an anonymous digital currency. The whitepaper discusses the features of a P2P digital currency for online payments. Bitcoin's use of a public ledger and transaction data that involves exact amounts being sent, sender, and receiver addresses doesn't make the asset anonymous. It would be if none of that is stored on the blockchain. 

It's private in the sense that the blockchain isn't showing this is John who is sending to Peter. But Bitcoin can be private, but you can't make many mistakes while using it. Running your own node is completely different from using SPV clients operated by unknown individuals who can see your IP addresses and wallet addresses. Using TOR to obfuscate your identity is different from using clearnet or Chrome. Not feeding your addresses in blockchain explorers is different from doing it. Cold wallet, offline signing, coin mixing, etc., etc.