Socialist regulators around the world want to curtail Bitcoin’s consensus method: proof of work. They hold an environmental, social and governance (ESG) cult charter, seeking carbon neutrality under the Paris Agreement, signed in 2015 to limit global warming. In short, they want to bring civilization back to neo-feudal times. As bitcoin competes with central bank fiat currencies, regulators have been instructed by corporate special interest groups that the “Bitcoin Experiment” is harmful to the environment and must be stopped.On July 16, 2022, US Senator Dick Durbin tweeted his sorrow for the energy consumption in cryptocurrency mining. “Time to know the truth about cryptocurrencies,” the Communist wrote. “Let’s start with the obscene amounts of electricity needed to mine Bitcoin and other cryptocurrencies. Families and companies in America will pay the price for cryptocurrency mining initiatives. ”
It is important to note that whenever politicians discuss “cryptocurrency” mining in relation to environmental tolls, they are mostly talking about proof-of-work cryptocurrencies, due to their energy intensity. Specifically, they are talking about Bitcoin.
The United States, which is home to over a third of the global computing power dedicated to bitcoin mining, has turned its attention to home miners and their impact on the environment and local economies. The move was at the behest of Socialist Senator Elizabeth Warren, who noted her concern over the environmental toll of Proof-of-Work (PoW) mining in June 2021.
On December 2, 2021, Senator Warren sent a letter to New York-based bitcoin miner, Greenridge Generation, asking about the company’s environmental footprint. “Given the extraordinarily high energy consumption and carbon emissions associated with Bitcoin mining, the mining operations at Greenridge and other facilities raise concerns about their impact on the global environment, local ecosystems and consumers’ electricity costs. “, the letter reads.
On January 20, 2022, a commission hearing on “Cleaning up Cryptocurrency: The Energy Impacts of Blockchains” marked the beginning of an investigation into the environmental impact of the blockchain, with a particular emphasis on PoW and Bitcoin.
On January 27, 2022, eight Democratic members of Congress, led by Senator Elizabeth Warren, “sent letters to six cryptocurrency companies raising concerns about their extraordinarily high energy uses.”
In the letter, Senator Warren evoked the same concerns as the December 2021 letter to Greenridge, stating that she and her colleagues observed, “Bitcoin mining energy consumption more than tripled from 2019 to 2021, rivaling consumption. of energy of the State of Washington, and of entire countries such as 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 revolved around their mining operations, energy use, possible impacts on the local climate and environment, as well as the impact of electricity costs for American consumers.
On June 3, 2022, New York regulators passed a two-year moratorium on proof-of-work mining in the state, citing the New York Climate Leadership and Community Protection Act, which requires gas emissions New York’s greenhouse to be reduced by 85% by 2050 A section of the bill calls for a statewide study to be conducted on the environmental impact of proof-of-work mining operations.
Representative Anna Kelles sponsored the legislation. “My account is not a Bitcoin ban,” Kelles explained. “It’s not even a cryptocurrency mining ban. It would not limit the ability to buy, sell, invest or use cryptocurrencies [New York state]. “
New York City controller Brad Lander feared an energy strain caused by mining. “New York state is reaching a pivotal moment in its attempt to electrify the energy sector and current proof-of-work cryptocurrency mining in New York state diverges from our goals by increasing our dependence on fossil fuels, thus creating further financial stress and investment jeopardy for New York City, “he wrote.
Legislation warns of an increase in mining activity in the state. “The continued and expanded operation of cryptocurrency mining operations that perform proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy consumption in upstate New York and impact compliance with the Climate Leadership and Community. Protection Act “.
the state of Washington
The pressure comes not only from regulators and politicians, but also from local bureaucrats. Chelan County, Washington state increased hydropower tariffs for bitcoin miners by 29%, which went into effect on June 1, 2022. Miners there once paid a lower load rate and high density for their electricity. “What we have done as a commission and what we have done as a utility has been leading the industry to create a new tariff for this type of demand,” Gary Arseneault, a district public utility commissioner, told News Radio 560. Chelan County Utility (PUD). KPQ. For mining companies with substantial investments, Chelan County would have approved a transition plan to raise rates.
Malachi Salcido, CEO of Salcido Enterprises, said the new tariff will force him to convert his mining facilities into data farms. “You really want to deal with regulating the type of processing that takes place on servers in your territory,” Salcido said.
European authorities also want to ban bitcoin mining. According to documents published by the German website netzpolitik.org, Swedish financial regulators and the European Commission have considered banning proof of work.
Released under EU freedom of information laws, documents show that at a meeting in November 2021, Swedish financial and environmental regulators and the digital policy arm of the European Commission discussed banning the trade in proof cryptocurrencies. -of-work, like bitcoin.
An unnamed participant did not “see [the] need to “protect” the bitcoin community, “stressing that it should be pushed towards more environmentally friendly proof-of-stake, as Ethereum had done. Documents had been partly blacked out due to” ongoing decision-making ” .
In addition, the president of sustainable finance at the International Securities Organization (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 ban on proof of work, however, was not included in the final bill.
For now, attempts by European lawmakers to ban the extraction of working proofs have failed to receive the required votes in a European Parliament committee vote. “It seems that reason and common sense have prevailed,” said Paris MEP Pierre Person tweeted. “We must continue to defend the principle of technological neutrality. Europe must remain in global competition! ”
According to an anonymous source from Decrypt, 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 that mobilization will not be part of the [MiCA] text, ”the source added, referring to widespread opposition to the proof-of-work ban.
Furthermore, the European Green Party presented yet another diluted version of the original text. “Crypto assets are subject to minimum environmental sustainability standards with respect to their consensus mechanism used to validate transactions, before being issued, offered or admitted to trading in the Union,” the revised proposal reads.
Bitcoin against international communism
Communist regulators, who are in power around the world, want to ban Bitcoin. Being gaslighters as they are, they will tell you that they are not banning Bitcoin, only proof-of-work mining, because Bitcoin can adopt proof-of-stake. They are foolish and will eventually come for proof of the stakes. Say “no” and educate yourself. There is an international coup – a secretly planned and suddenly executed attempt – to end the Bitcoin experiment; it will never give up and neither will those who wish to live in a world of monetary choices.
This is a guest post by Justin O’Connell. The views expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.