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Can the mining industry withstand another government crackdown?

Cryptocurrency mining is an environmentally harmful activity that has not been fully considered. Governments around the world are trying to figure out how to solve this, but it’s still an uphill battle because of the growing popularity of cryptocurrencies.

Can cryptocurrency mining last long when current technology is still having a strong impact on Earth? Or will it adapt before governments come up with another plan of attack.

The war with cryptocurrency mining

China is at the forefront of crypto bans, and the battle between the two is intensifying. China has issued a ban on bitcoin mining, trading and crypto services. The Chinese government’s rationale for cracking down is to reduce the well-documented climate impact. There is much speculation as to whether other countries such as Turkey and India will follow suit, but it should be noted that China has great influence over how some countries enact bans, which will only inspire many other areas.

The problem with cryptocurrency mining is the carbon footprint it leaves on the planet and the impact on the natural resources we have. Less than a third of the world’s electricity is currently generated from renewable sources. If this entire section was dedicated to cryptocurrency mining, it would probably look sustainable, but it wouldn’t be able to completely cover up the negatives.

BTC price 4 hour chart| Source: TradingView

Seize the opportunity

After China’s ban, it wasn’t long before the United States became one of the leaders in crypto mining, followed by Russia and many others. This could come from countries striving to be global leaders and to be at the forefront of the crypto train. The United States seized the opportunity presented by China’s ban to become the world’s new mining hub. In Asia, Kazakhstan and Malaysia are increasing their mining activities, as are Germany and Ireland in Europe and Iran in the Middle East, according to recent statistics.

Efforts to keep crypto mining afloat are creating some very strange geopolitical foundations. Bitcoin started a revolution when it appeared in 2008. It paved the way for a new digital economy. Proof-of-work is a major advance in terms of decentralization and security, but its inefficiency has left us with a ticking time bomb, and that bomb is about to explode.

Finding ways to switch the source and technology used for mining will help the industry survive longer and prolong the risk of collapse due to changing perceptions and minimizing damage to the environment and the popular and growing crypto market. Yes, the US is working hard, but there will come a time when they will stop using coins like bitcoin and consider more energy-friendly projects. No one can guarantee anything but can only take into account what is happening around us as the cryptocurrency keeps getting stronger, leading to a sharp increase in demand, which causes the mining industry to keep working, but there can also be a lot of controversy , until a new solution is found.

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