It's impossible to ban Bitcoin completely, but moves by lawmakers can tank the price and make life very difficult for supporters, as they seek easy targets to strike to help meet their Net Zero commitments.
Each year at the annual UN Climate Change Conference , individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them.
Across the pond, the Biden administration has proposed a 30% excise tax on the power consumption of U.S. cryptocurrency mining operations. The tax would be imposed regardless of whether the power is renewable, with the administration arguing Bitcoin mining’s power consumption of renewable energy will slow down the transition to Net Zero. That’s in contrast to a New York moratorium on Bitcoin mining in 2022 that exempted firms powered by renewable energy.
“Governments should focus on greening their grids, which miners rely upon, as opposed to trying to ban an unbannable technology.” Artist Benjamin Von Wong created “The Skull of Satoshi” sculpture. He says he’s not anti-Bitcoin, he just wants to lower emissions. Others agree with van Voorhees that Net Zero is an opportunity to set Bitcoin mining on a new and more sustainable path. Morten Røngaard is a member of the Nordic Blockchain Association and CEO of Reality+, a Web3 and blockchain company.
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