This is an opinion editorial by Justin O’Connell is an author and founder of GoldSilverBitcoin.com and a contributor for Bitcoin Magazine.
Socialist regulators around the world advocate Bitcoin’s consensus method: proof of work. They are carriers of an environmental, social and governance (ESG) sect, seeking carbon neutrality in accordance with the Paris agreement, signed in 2015 to limit global warming. In short, they want to bring civilization back to the neo-feudal era. Because bitcoin competes with central bank fiat currencies, regulators have been instructed by corporate special interest groups that the “bitcoin experiment” is bad for the environment and must be stopped.
On July 16, 2022, US Senator Dick Durbin tweeted his displeasure with power consumption in crypto mining. “It’s time to learn the truth about crypto,” wrote the coco. “Let’s start with the obscene amounts of electricity needed to mine Bitcoin and other cryptocurrencies. American families and businesses will pay the price for crypto mining ventures.
It is important to note that whenever politicians discuss “crypto” mining with respect to the environmental record, they are primarily talking about proof-of-work cryptocurrencies, due to their energy intensity. Specifically, they are talking about Bitcoin.
The United States, home to more than a third of the world’s computing power dedicated to bitcoin mining, has turned its attention to domestic miners and their impacts on the environment and local economies. This decision was made at the request of Socialist Senator Elizabeth Warren, who raised concerns in June 2021 about the environmental record of Proof of Work (PoW) mining.
On December 2, 2021, Senator Warren sent a letter to New York-based bitcoin miner Greenridge Generation requesting information about the company’s environmental footprint. “Given the extraordinarily high energy consumption and carbon emissions associated with Bitcoin mining, mining operations at Greenridge and other plants raise concerns about their impacts on the global environment, on local ecosystems and consumer electricity costs,” the letter states.
On January 20, 2022, a committee hearing on “Cryptocurrency Cleanup: The Energy Impacts of Blockchains” marked the start of an inquiry into the environmental impact of blockchain, with a focus on especially on PoW and Bitcoin.
On January 27, 2022, eight Democratic members of Congress, led by Senator Elizabeth Warren, “sent letters to six crypto mining companies amid concerns about their extraordinarily high power consumption.”
In the letter, Senator Warren raised the same concerns as in the December 2021 letter to Greenridge, stating that she and her colleagues observed: “Bitcoin mining power consumption has more than tripled by 2019 to 2021, rivaling the power consumption of Washington State and entire countries like Denmark, Chile and Argentina.
Senator Warren requested information from six companies, including Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital. The questions focused on their mining operations, energy consumption, possible impacts on the local climate and environment, as well as the impact on electricity costs for US consumers.
On June 3, 2022, New York regulators passed a two-year moratorium on proof-of-work mining in the state, citing New York’s Climate Leadership and Community Protection Act, which demands that New York’s greenhouse gas emissions be reduced by 85% by 2050 A section of the bill calls for a statewide study of the impact of mining’s environmental operations proof of working.
Representative Anna Kelles sponsored legislation. “My bill is not a Bitcoin ban,” Kelles said. “It’s not even a ban on crypto mining. It would not restrict the ability to buy, sell, invest or use crypto in [New York state].”
New York City Comptroller Brad Lander feared pressure on energy obtained from mining. “New York State is reaching a pivotal time in its attempt to electrify the energy sector, and current proof-of-work cryptocurrency mining in New York State deviates from our goals. increasing our reliance on fossil fuels, thereby paying for additional financial stressors and putting investments for New York City at risk,” he wrote.
The legislation warns against increased mining in the state. “The continued and expanded operation of cryptocurrency mining operations running proof-of-work authentication methods to validate blockchain transactions dramatically increases the amount of energy used in New York State and will have an impact on compliance with the Climate Leadership and Community Protection Act.
The pressure comes not just from regulators and politicians, but also from local bureaucrats. Chelan County, Washington, raised hydroelectric power rates for bitcoin miners by 29%, effective June 1, 2022. Miners there have already paid a rate of lower, high-density load for their electricity. “What we did as a commission, and what we did as a utility was industry leading, to create a new rate for this type of demand,” said Gary Arseneault, commissioner of the Chelan County Utility District (PUD), at News Radio 560. KPQ. For mining companies with substantial investments, Chelan County has reportedly approved a transition plan to increase tariffs.
Malachi Salcido, CEO of Salcido Enterprises, said the new rate would force it to convert its mining facilities into data farms. “Do you really want to bother with regulating what kind of processing happens on servers in your territory,” Salcido said.
European authorities also want to ban bitcoin mining. Swedish financial regulators and the European Commission have decided to ban proof of work, according to documents published by the German website netzpolitik.org.
Released under EU freedom of information laws, the documents show that at a November 2021 meeting, Swedish financial and environmental regulators and the European Commission’s digital policy arms discussed trading in proof-of-work cryptocurrencies, such as bitcoin.
An anonymous participant did not “see [the] need to “protect” the bitcoin community,” noting that it should be strengthened towards more environmentally friendly proof-of-stake, as Ethereum had done. The documents had been partly redacted due to an “ongoing decision-making process”.
Additionally, the Sustainable Finance Chair of the International Organization of Securities Commissions (IOSCO) has proposed a ban on proof-of-work mining in the European Union in MiCA, the EU legislation for the governance of digital assets. The proof-of-work ban, however, was not included in the final bill.
So far, attempts by the Europeans aroused to ban proof-of-work mining have not received the required votes in a European Parliament committee vote. “It seems that reason and common sense prevailed”, Parisian MEP Pierre Person tweeted. “We must continue to defend the principle of technological neutrality. Europe must remain in global competition!
According to an anonymous Decrypt source, there were two alternative compromises related to the watered down version of the ban on unsustainable protocols, all of which were rejected. “The proposal that caused all this mobilization will not be part of the [MiCA] text,” the source added, referring to widespread opposition to a proof-of-work ban.
In addition, the European Green Party has tabled yet another reduced version of the original text. “Crypto-assets must be subject to minimum environmental sustainability standards with regard to their consensus mechanism used to validate transactions, before they are issued, offered or admitted to trading in the Union,” the revised proposal states. .
Bitcoin against international communism
Communist regulators, who are in power all over the world, want to ban Bitcoin. Being the gaslighters that they are, they’ll tell you that they don’t ban bitcoin – only proof-of-work mining, because bitcoin can embrace proof-of-stake. They’re jerks, and they’ll eventually come for proof-of-stake. Say “no” and find out. There is an international coup – a secretly plotted and simplified attempt – to end the Bitcoin experiment; it will never waver and neither will those who wish to live in a world of monetary choices.
This is a guest post by Justin O’Connell. The opinions expressed are entirely their own and do not necessarily relate to those of BTC Inc. or Bitcoin Magazine.