Crypto mining has been an environmental issue that cannot be overlooked; World governments have tried to put a cap on it, but they still have an uphill battle as the popularity of cryptocurrencies grows.
Will crypto mining be able to last if the technology still impacts the earth at high levels? Or will it mold over time and adapt with the earth before governments continue to attack crypto currency?
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Crypto war with mining…
China has been at the forefront of cryptocurrency bans and the war between the two sides is only growing and getting harsher. China banned Bitcoin (BTC) mining, trading, and crypto services. The reason given by the Chinese government for the crackdown on Bitcoin is to reduce its well-documented climate impact. Lots of speculation about others to follow like Turkey and India but one thing we do know is that China has a huge influential impact on the way some countries operate so banning this will only inspire more to follow.
The problem with crypto mining is the carbon footprint it leaves on this planet and how it affects the natural resources we have left. Currently, less than a third of the world’s electrical energy comes from renewable energies. If this stake went entirely to cryptocurrency mining, it might perhaps give it a semblance of sustainability, but it would be little more than a fig leaf.
BTC – BTC is currently the largest BTC-USD cryptocurrency on TradingView.com
Grabbing the gold…
After the China ban, it didn’t take long for the US to become one of the leaders in crypto mining with Russia and many to follow. This could be due to the desire of each country to become the world leader and the first in the crypto train. The United States seized the opportunity created by the Chinese ban to become the world’s new mining hub. In Asia, Kazakhstan and Malaysia are increasing mining operations, as are Germany and Ireland in Europe and Iran in the Middle East, according to recent statistics.
The effort to keep crypto mining moving forward is creating some very strange geopolitical bedfellows. Bitcoin was revolutionary when it appeared in 2008. It paved the way for a new digital economy. The proof of work was a revelation in terms of decentralization and security, but its lack of efficiency presented us with a time bomb. This bomb is exploding now.
Finding a way to change the font and technology used for mine will help you stay alive. We are watching and prolonging a demise that has been building for a while due to the awareness and misconception of climate change and the popularity and growth of cryptocurrencies. Yes, the United States is trying hard, but when and for how long will they stop using currencies like Bitcoin and look at more energy-friendly projects? we cannot assure anything, just look at what is happening around us as cryptocurrencies grow, so will the demand and need that will keep mining going, but also at war until a new solution comes along.
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This post Will Crypto Mining Survive Another Government Crackdown?…
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