This is an editorial by Justin O’Connell, author and founder of GoldSilverBitcoin.com. Contributor for Bitcoin Magazine.
Socialist regulators around the world want to cut down on Bitcoin’s consensus method, Proof of Work. They are environmental, social, and governance cardholders (ESG) cult, calling for carbon neutrality in accordance with the Paris Agreement signed in 2015 to limit global warming. In short, they want civilization to return to the neo-feudal age. Regulators have been told by corporate special interest groups that “bitcoin experiments” are bad for the environment and must be stopped because bitcoin brings competition to central bank fiat currencies.
July 16, 2022 US Senator Dick Durbin murmured His dissatisfaction with energy consumption in crypto mining. “It’s time to learn the truth about cryptocurrencies,” Comey wrote. “Start with the outrageous amount of electricity required to mine Bitcoin and other cryptocurrencies. American families and businesses will pay the price for his venture mining cryptocurrencies. ”
Note that whenever politicians discuss “crypto” mining in relation to its environmental impact, they are primarily talking about proof-of-work cryptocurrencies because of their energy intensity. is important. Specifically, they are talking about Bitcoin.
The United States, which holds more than one-third of the world’s computing power dedicated to mining Bitcoin, is focused on domestic miners and their impact on the environment and local economies. The move was at the request of socialist Senator Elizabeth Warren. I got it She raised her concerns about the environmental impact of Proof of Work (PoW) mining in June 2021.
Senator Warren December 2, 2021 sent a letter We asked New York-based Bitcoin miner Greenridge Generation for information on their environmental footprint. “Given the extremely high energy usage and carbon footprint associated with Bitcoin mining, mining operations at Greenridge and other factories have significant impacts on the global environment, local ecosystems, and the cost of electricity for consumers. has raised concerns about,” the letter notes.
January 20, 2022, “Cryptocurrency Cleanup: The Energy Impact of Blockchain” marked the beginning of research into the environmental impact of blockchain, with a particular focus on PoW and Bitcoin.
On January 27, 2022, eight Democrats, led by Senator Elizabeth Warren, said: letter We would like to thank the six cryptocurrency mining companies who have expressed concern about their extremely high energy usage. ”
In a letter, Senator Warren induced In a December 2021 letter to Greenridge with the same concerns, she and her colleagues said: and Argentina. ”
Senator Warren requested information from six companies including Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital. Questions related to mining operations, energy consumption, potential climate and local environmental impacts, and the impact of electricity prices on American consumers.
On June 3, 2022, New York regulators will complete a two-year moratorium This cites New York’s Climate Leadership and Community Protection Act, which calls for an 85% reduction in New York’s greenhouse gas emissions by 2050. Impact of proof-of-work mining operations.
Representative Anna Keres sponsored legislation“My bill is not a Bitcoin ban,” Keres gaslighted. There is none. [New York state]”
New York City Comptroller Brad Lander feared the energy strain of mining. “New York State is at a pivotal time in its attempt to electrify its energy sector, and current proof-of-work cryptocurrency mining in New York State will increase our reliance on fossil fuels and create additional financial stressors and jeopardize investments in New York City,” he said. I have written.
of legislation It warns of increased mining in the state. “Continued and expanded operations of cryptocurrency mining operations that implement proof-of-work authentication methods to validate blockchain transactions will significantly increase New York State’s energy use and drive climate leadership and community protection. It will affect compliance with the law.”
State of Washington
The pressure is coming not only from regulators and politicians, but also from local bureaucrats. Chelan County, Washington has increased hydroelectric power rates for Bitcoin miners by 29% effective June 1, 2022. “What we did as a commission, and what we did as a utility, was to lead the industry in creating new tariffs to meet this type of demand.” told News Radio 560 KPQFor mining companies investing heavily, Chelan County has reportedly approved a transition plan to raise rates.
Malachi Salcido, CEO of Salcido Enterprises, said the new rate will force mining facilities to transform into data farms. “Do you really want to be in the business of regulating what happens on servers in your region?” Salcido Said.
European authorities also want to ban bitcoin mining. The Swedish financial regulator and the European Commission have considered a proof-of-work ban, they said. document Published on the German website netzpolitik.org.
The document, released under the EU’s Freedom of Information Act, said at a meeting in November 2021 that the Swedish financial and environmental regulators and the European Commission’s digital policy department would agree that a Bitcoin-like proof-of-work It shows that we discussed banning cryptocurrency trading.
An unnamed attendee “didn’t see” [the] We need to “protect” the bitcoin community,” he said, pointing out that it needs to tweak toward a greener proof-of-stake, as Ethereum did. It was partially edited for “decision-making process”.
Additionally, the Chair of Sustainable Finance at the International Securities Commission Organization (IOSCO) has proposed a ban on proof-of-work mining in the European Union. mica, EU legislation on digital asset governance. However, a ban on proof of work was not included in the final bill.
So far, attempts by European lawmakers to ban proof-of-work mining have We’re screwed Obtain the necessary votes in the polls of the EU parliamentary committees. ‘Reason and common sense seem to have won,’ says Paris MP Pierre Parson murmured“We must continue to adhere to the principle of technological neutrality. Europe must remain in global competition!”
According to Anonymous Decryption According to sources, there were two alternative compromise proposals involving watered-down versions of the ban on unsustainable protocols, all of which were rejected. [MiCA] Referring to widespread opposition to the proof-of-work ban, the sources added.
In addition, the European Green Party published Yet another diluted version of the original text. “Crypto-assets are subject to minimum environmental sustainability standards with respect to the consensus mechanisms used to validate transactions before they are allowed to be issued, offered or traded in the EU,” was revised. I have read the proposal.
Bitcoin vs International Communism
Communist Party regulators in power around the world want to ban Bitcoin. They would say they are not banning bitcoin because they are gaslighters, they are only banning proof of work mining because bitcoin can employ proof of stake. They are idiots and will eventually ask for Proof of Stake. Say no and educate yourself. There is an international push — a covertly planned and abruptly executed attempt — to end the Bitcoin experiment. It never forgives, nor does anyone who wants to live in a world of financial choices.
Guest post by Justin O’connellThe opinions expressed are entirely our own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.