Bitcoin (BTC) has been facing stern criticisms. A host of banning proposals, suggestions and bills await the largest cryptocurrency by market cap. China cited consumption of large quantity of electricity, as one of its reason to ban Bitcoin mining, but it has recently been revealed that over 74% mining of the digital asset is powered by renewable energy.
Sometimes in April 2019, China proposed to ban a number of industries in the country. The National Development and Reform Commission (NDRC) published a message seeking public opinions on which industries listed deserving encouragement, elimination or restriction. The revised list included Bitcoin mining.
China is clearly the world’s largest market for computer hardware designed for Bitcoin mining and other digital currencies. However, the country has not declared the result of the public opinion and has not actualised the date the proposed ban will take effect.
One of the reasons cited for the strict regulatory proposal is larger consumption of the country’s electricity via Bitcoin mining. The recent revelation has actually negated such banning move, since majority of the mining is powered by renewable energy.
Renewable energy is the energy derived from the source that cannot be depleted when consumed, such as solar power, wind, hydro power and others. All these listed can be replaced rapidly and naturally.
It seems all these banning proposals and strict Bitcoin regulations are more to the fear of global growth of BTC. They are somehow avoiding the fact that Bitcoin could be a big threat to their country’s national currencies and economy due to the decentralised nature of the digital asset.
A couple of weeks ago, a United States congressman, Brad Sherman, presented a proposal to sponsor a bill, purposely to outlaw Bitcoin and the trading of all cryptocurrencies in the country.
In his presentation in the congress, Sherman displayed the fear of devaluation of the world’s most glorified currency, US Dollar.
He said “So whether it is to disempower our foreign policy, our tax collection enforcement or our traditional law enforcement, the purposes of cryptocurrency, the advantage it has over sovereign currency, is solely to aid in the disempowerment of the United States and the rule of law.”
Reactions of Crypto Pundits about the Percentage of Renewable Energy Powering Bitcoin Mining
As well expected, the cryptocurrency enthusiasts and pundits are generally elated about the recent Bitcoin mining report for the month of June 2019, released by CoinShares.
CoinShares captioned the report on twitter with a blunt question to the stern and determined critics of the digital currency: “Will Bitcoin mining boil the oceans anytime soon?”
Christopher Bendiksen, a crypto pundit also intensified the meaning of the high percentage of Bitcoin mined with renewable energy. This clarifies the general complaints of high consumption of electricity, since the wind will not cease, sea will not dry and sun will not stop shinning in the day.
“It’s official: bitcoin mining is STILL predominantly powered by hydro, wind or solar. In a shocking new finding (jk, we already knew this) – over 74% of the bitcoin mining network is powered by renewables.”
Pompliano stretched his point to the haters of Bitcoin and the countries that persistently push for its ban, citing enormous electricity consumption during mining.
He said “74% of Bitcoin mining is powered by renewable energy, according to CoinSharesCo. Don’t tell the haters. It will ruin their narrative!”
Bitcoin (BTC) in the Market
Bitcoin (BTC) is beginning to redeem its deficits in the market. At the time of filing this report, Bitcoin is trading at $8,093.36, with about 5% price upsurge in the last 24 hours.
A trending report has it that Indian parliament has proposed a bill to completely outlaw trading of Bitcoin and other cryptocurrencies in the country, with 10-year imprisonment attached. Despite the increase in criticism and banning threat, BTC continues to thrive, while crypto enthusiasts and pundits believe that threats against Bitcoin will eventually turn to blessing and means to keep soaring.