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This merely pushes Bitcoin mining to countries that do not have this kind of regulation (and probably have less renewable energy).
by VMG 5y ago
This merely pushes Bitcoin mining to countries that do not have this kind of regulation (and probably have less renewable energy).
- rebuilder 5y agoIt would still raise the cost of mining. And those countries that do not ban mining will face increasing pressure to do so, due to miners pushing energy prices up. But yes, an international treaty banning PoW crypto mining would be more effective. Then confiscate the equipment and use it to attack the networks.
- agilob 5y agoUnless they buy their own coal plant?
- louloulou 5y agoHow about an international treaty instituting a carbon tax, if C02 is what you actually want to minimize. Sounds like that's not the goal based on your comment though.
- VMG 5y agoHigh mining cost is what provides network security. I doubt there will be popular support for military interventions against Bitcoin. But if a "War against Bitcoin" were to happen, it would probably be as successful as the "War on Drugs" and "War on Terror"
- Jensson 5y agoIt would actually make the network more secure, since mining would shift from big industry players to local private users who mine from home electricity. You can't hide a power dependent business and poor countries lack the power production for significant mining operations.
- skohan 5y agoSecurity is the argument of last-resort for so many bad technologies.
- Blackstone4 5y agoYes and the same argument is used for all green laws which makes things like manufacturing more expensive. When becoming greener, we have to start some where
- raverbashing 5y agoSure, let them go ahead. Then see what happens when they start having blackouts (or other problems).
- devoutsalsa 5y agoThen let’s ban this waste of electricity everywhere. I’m all for the idea of crypto currency, but I’m not in support or baking the planet just so a few people can get some virtual goods.
- DeusExMachina 5y agoHow you define waste of electricity? You writing that comment might as well be declared a waste and prohibited.
- Jensson 5y agoPeople decide that democratically. This is just like how California bans all showerheads that gives you more than a trickle of water, since they see good showers as a waste of water (All of USA has a similar ban but less restrictive). Just that in Sweden they ban wasteful businesses rather than "wasteful" quality of life improvements.
- VMG 5y agoAnd like many other "democratic" decisions, it's just a feel-good measure. Watering your lawn is apparently a worthwhile use of resources, according to the Demos.
- readflaggedcomm 5y agoCalifornia bans the sale, not the use. Discrimination of how we use power is like discrimination of how we use internet service. What happened to power network neutrality?
- Jensson 5y agoWell every time I visit California the showers are horrible in the hotels, so I bet hotels has to have those shitty showerheads. It would work the same here, you ban crypto mining for businesses but people will still mine privately since you can't really ban that.
- 5y ago
- afarrell 5y agoThen those countries can solve the problem in their local environment.