The naturalists, team global warming, think that #Bitcoin is bad for the environment, and even #Tesla investing in it, did not soften their argument here in the USA.
Currently, #Bitcoin uses 0.5% of global energy or more specifically 129 TwH of the total 23,398 TwH that the world uses. And that, in fact, is not good. However, #Bitcoin can now be replaced as the # 1 cryptocurrency by #Ethereum in 6 months. (cover this for me later)
In addition, #Ethereum is also likely to switch from mining to betting proof this year, which will make mining more obsolete as well.
In general, there are so many ways to protect a decentralized network (#Hashgraph, Proof-of-Stake, Block-rettice with #NANO, #Tangle with #AVAX and #IOTA) that are 100x more scalable, 100x more decentralized and 100x more secure than pure #PoW has an Achilles heel with its centralized mining pool.
- Therefore, no matter how much hash power you have, your security does not increase, as it has the same vulnerability.
It is not very easy to attack #Bitcoin in this way, but it is also not that difficult. It is the same difficulty of successfully attacking #Hashgraph, #NANO or #ADA.
However, #Bitcoin mining is currently quite profitable, as its price has increased by 5x in the last 4 months, but the hash power has only increased by 20% from 130M TH / s to 156M TH / s.
🔖 Source: https://www.blockchain.com/charts/hash-rate
Therefore, the hash rate for #Bitcoin should increase 4x more to keep up with the price and then increase 5x more, because the price of #Bitcoin is also likely to increase 5x from $ 50,000 to $ 250,000. That would be a total 20x increase in the current hash rate, which would cause Bitcoin's energy usage to increase from 0.5% to 10% of global energy usage.
This is very crazy and will probably cause governments to try to ban mining of #Bitcoin (we libertarians already expected this lol) which could be the downfall of #Bitcoin. They will not ban and attack the #Bitcoin itself, but the mining of #Bitcoin. This has already happened in Iran, because Bitcoin mining has caused power outages.
There is also a lot of #Bitcoin mining in Texas, which may also be banned soon, because Texas has a very unstable grid. Banning crypto mining would not be so terrible for #Bitcoin and its own security.
- It would still be fine. However, the markets will see this as a very negative sign. 🤦♀️
However, increasing the power of the hash takes 6 months to keep up with the price increase, because it takes some time to obtain the materials and build the mining companies.
If we see a 4x increase in #Bitcoin's mining power over the next 6 months, which seems quite likely if production can keep up, then Bitcoin will consume 2% of the world's energy. This would cause the first bans in September 2021.
This will not immediately trigger a crash, but once the rich countries of the first world, such as # Switzerland #Germany, # Canada and the #USA ban mining, it would be very likely to trigger a prolonged crash for #Bitcoin.
However, perhaps Elon Musk (yes, himself) decides to save #Bitcoin and build the largest solar plant in the world to make the use of #Bitcoin 70% renewable, because it is now 39% renewable.
- did you understand why Musk embraces #Bitcoin now? 😉
The mining energy of the #EUA, which represents only 8% of the energy in the world hash, is actually 63% renewable, so maybe Elon Musk will increase it to 90% in the #EUA 🇺🇸. Perhaps governments prohibit mining of fossil-based cryptography, which is probably more likely to happen and could be a catalyst for a huge growth in the renewable energy industry.
The #EUA 🇺🇸 could be able to supply their entire country with just 1.2 million 3 MW wind farms, which would cost just $ 3T. Since the US is already 20% renewable and 20% nuclear, it would be just $ 1.6T, which is just a stimulus check. Therefore, the world powered by renewable energies is not really difficult.
Conclusion: After analyzing all of these numbers, we need to be careful about mining bans.
It seems that this will be the selling signal and the beginning of the approaching bass market. We can probably see the first bans in the fall now of 2021 in the USA 🇺🇸.
Perhaps that would also slow this rising market, we don't know. Perhaps altcoins also ignore the #Bitcoin flaw and really benefit from it, we don't know either.
But we know that mining bans are very likely to come and that's when we have to be cautious.
However, the infinite FIAT impression and the corrupt banking system that is controlling the cash flows do much more damage than the electricity that Bitcoin needs, and the banking system also requires a lot of energy.
As Ludwig Von Mises said - "Princes, ruler
Nice