Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[AudraMiller]

One of the thoughts that has been on everyone's mind recently with cryptocurrency and bitcoin in specific is the amount of energy that it uses in order to mine the currency and that can lead to various negative impacts. This thought was further brought to light by Elon Musk. In a recent article, Iran has put a stop to bitcoin mining banning it completely. The reason for this move was the major hike in their electricity usage, which even resulted in their being power outages in various cities as well. This ban is just temporary but it is clear what countries are starting to think about mining.

 

[BusyCat]

Yeah its true bitcoin uses more electricity and due to that it affects the country which doesnt have abundant electricity. But still people can use bitcoin digitally instead of mining it physically.

 

[AudraMiller]

Yeah its true bitcoin uses more electricity and due to that it affects the country which doesnt have abundant electricity. But still people can use bitcoin digitally instead of mining it physically.

Exactly. I think that the mining of bitcoin should be left to those countries that are only able to have enough reserve power to power their mining rigs without affecting or straining their supply, and then a deal can be made across borders to try and buy it at a price close to the cost. Thereby lowering global impact.

 

[silentwatch]

It migh because of mining bitcoin effect the environment around because we know mining bitcoin consume a lot of Electric and that effect the others. Perhaps those miner reconsidered how they powered their rig and make their own resources to make electric... Solar power or water perhaps...

 

[microunit]

They should probably limit the miner's power usage in the future if they do still want the miners to operate in their country, But for now the ban is really understandable

 

[AudraMiller]

It migh because of mining bitcoin effect the environment around because we know mining bitcoin consume a lot of Electric and that effect the others. Perhaps those miner reconsidered how they powered their rig and make their own resources to make electric... Solar power or water perhaps...

I think that for now until it can be seen that this is able to run purely on renewable energy the ban is likely to remain in place. Also, if renewable energy can be created, it is likely that it will be directed towards towns to increase their energy in regions that don't have it rather than be allocated to crypto mining.

 

[Brain]

As already stated in a previous post they have their cogent reasons for the ban whatever works for them should be most welcomed. It will help them progress better with it

 

[microunit]

I think being that the banned was understandable because of the over usage of the electricity, Hope miners would also think about the effects not just the profits

 

[AudraMiller]

I think being that the banned was understandable because of the over usage of the electricity, Hope miners would also think about the effects not just the profits

People tend to look into the economic benefit rather than the environmental implications that it has, and justify it in that light. However i think that future regulations may force miners to ensure that environmental protection measures are taken for any mining rig.

 

[sh199]

Iran was supplying 4% of total bitcoin mining. The govt. also created a friendly environment for mining. As far I know they also were planning for future mining. I think, now it is high time to think about the alternatives way.

 

[Niftyicon]

Actually, I thought that Iran gave its support and even built mining facilities for miners. Instead of banning completely, other sources of energy could as well be used.

 

[muktadir123]

Yes

 

[Rjtech]

Like I said, banning Bitcoin and its algorithm is short-sighted and not forward-looking. Sooner or later those personalities will realize that they are heading their sovereignty in the opposite direction.

 

[CryptoStar19]

On the one hand, Iran wants to somehow formalize bitcoin because it would allow them to bypass financial sanctions placed on them by western powers... on the other hand bitcoin mining in Iran is causing everyday electrical outages for people forcing the to restrict mining. It's quite a conundrum.

 

[BullyMaguire]

I guess that's fine.. atleast they don't ban crypto currency usage all together like other countries.. they are actually have some basis on their mining ban. For now atleast

 

[Lobardi]

That's an voluntary action when things get out of the control due to an activity they cant handle actually so that is the reason why they have chosen this method

The people who are actually involved in the process if mining have other countries as backup option always looking to have profits from the mining of the miners as well .

 

[a_jerobon]

Bitcoin mining does use so much energy for sure. The country did a very good move by banning the mining. It is so unfortunate to see that it can even lead to electrical power outages. Then there are many complains that it also has a great negative impact on the climate. Therefore, countries should actually make rules concerning the mining activities.

 

[Pousinha]

It looks like European country, sooner or later could follow the Iranian path. My aunt called me yesterday and told me how the electricity bills are reaching shameful prices. Since last year, some countries are pushing the European Parliament to take a ban decision about bitcoin mining. But knowing the European Parliament attitude and moreover, the south European governments attitude (Italy and Spain, above all), I'm not at all optimist, as the very bitcoin ban (and not the sole mining) may follow.

 

[fiery phoenix]

Yea mining consumes a lot of electricity.I think governments should sit down and put into consideration if their power grid can sustain crypto mining without causing outages.This is the first step to stop all these surprise blackouts.A country like Iran greatly deteriorated because of wars should know better than to allow crypto mining in their country.I understand most miners are unlicensed but they can prevent this by asking for licenses everyone who is buying those GPU mining machines if they dont have then stop selling mining equipment to them

 

[SpenserReed]

They should not ban, but tax the miners. Mining is very good for the country because it brings in additional profits, especially for a country like Iran.