Kosovo Joins The Bitcoin Mining Ban Train
It seems their hottest new geopolitical trend is to ban bitcoin mining from your country. We've seen China do it, Russia is flexing their muscles on it, the EU are looking to ban mining, and while most of it is still talk we've seen the nation of Kosovo ban the mining of bitcoin. Citing the reason that it is energy-intensive and the ban will curb electricity use as the country grapples with an energy crisis caused by soaring global prices.
Bitcoin mining is energy-intensive
We know this, we know bitcoin mining requires more energy to maintain the network, and the banning seems to be an easy scapegoat or a villain to lay the blame on. Instead of the country's authorities being honest and saying their incompetence in not scaling up their energy production and allowing them to be exposed to shortages has put a strain on their ability to provide energy for the nation.
While the whole of Europe faces sharp price rises, Kosovo is enforcing rolling blackouts to deal with the local electricity shortage. The Balkan state's biggest coal-fired power plant was shut down last month due to poor maintenance and technical issues, forcing the government to import electricity at high prices.
A 60-day state of emergency declared in December, gave the government powers to steal more money from their citizens so they can pay European energy oligarchs for overpriced energy imports and impose stricter restrictions on power usage.
Bitcoin mining bans are an attack on property rights
Now a country can do what it wants, and you can leave if you don't like it I suppose, but to me, it is an unconstitutional stance. If I own a piece of property I should be able to do what I want with the property and the energy I purchase as long as that doesn't harm others.
Banning bitcoin mining may seem "rational" but where does it stop? Why don't we ban pool pumps, or airconditioning or washing machines, and even kettles? Their energy usage is far less efficient and far more wide spread, so why don't we just make people's lives worse.
Living in a country where we are known for rolling blackouts I know the deal first hand. If you cannot produce electricity for your citizens, it's not up to you to curb them. It's up to you to get out of their way and allow private companies and individuals to generate their own, something governments don't seem keen on.
Energy distribution and energy independence seem like concepts they do not want to entertain. Even in a country like South Africa where we have tonnes of sun, even if you spend a small fortune to go off-grid, they still want you to pay taxes and pay levies for not using their service.
I know how restrictive governments can be on their citizens in the name of the "greater good".
Bitcoin miners are energy buyers
I don't know why people have this assumption that the energy bitcoin consumes is a bad thing. Bitcoin miners PAID for it, they went to a producer, the producer set the price and paid the bill.
That's how economic transactions work, the fact that some people cannot afford as much energy as in previous years is not down to bitcoin. It's down to poor planning and malicious debasement of the currency.
Bitcoin only exposes the clown world in all its glory and the mental gymnastics used to save face is hilarious.
Small fries get no prize
Now Kosovo isn't exactly a mining giant by any means, so their elimination of hash power isn't really going to affect the network. Sure having another fud piece feather in the cap is great for naysayers to point towards but other than robbing locals of the opportunity to compete for stateless money, I don't see much of an issue here.
Have your say
What do you good people of HIVE think?
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Right from the beginning of this story, I was just waiting to asks; Don't they pay for their consumptions?
There's a lot of nonsense surrounding this whole theories, and the shit is; Bitcoin isn't directly the consumer of this power, thus not the one to be blame for endangering the atmosphere, rather, burning of fossil fuels is what it is, and that's something pretty much already in the system.
We already have many companies doing this, a certain city down here in Nigeria, Port Harcourt specifically, people suffer of suits(not sure if that's the spelling exactly) because of an Indian petrochemical company releasing gas into the atmosphere 24hrs, the government doesn't seem to want to shut that down. It's all fuckery and this guys be clowns thinking the audience will be as stupid as they are...
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I don't know why they want to blame people who pay for their services, instead of accepting the blame of poor planning and wasting money on clearly inferior things instead of focusing on providing energy. If your country has enough energy economic activity of citizens will take care of a lot of problems
I didn't know about the Nigeria thing, but I will say when its something that feeds the government then no amount of energy or human lives is too much, but let it be something that empowers the individual then it will always be a problem
Somehow this news completely slipped through the cracks and I didn't even notice it. I feel like we rarely hear of small countries like these banning mining - you'd think various crypto could be a potential income stream/investment for smaller countries; a chance even.
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I think every country will go through these phases, some will ban it and see capital leave their country then welcome it back and try to control it and tax it and once it gets entrenched enough they will have to accept defeat, it's a long term game.
I try to keep up with all the fud, it helps me get an idea of how different countries are acting towards it so which countries will be off my travel list
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Where there's a problem, the Government usually looks at something they consider "inconsequential" to blame rather than fix it by being better. It's a mechanism they use to keep messing up.
I thought it was strictly an African thing, but apparently, the mindset just runs through the veins of power.
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The incentive structure is the same, make enemies of anything you cannot control, find new reasons to print money and steal from your citizens, and enrich your circle jerk, everyone is just on different distances from collapse
They just use different accents to spew the same rubbish.
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I don't think it's the miners fault for the energy crisis and it's the government's fault for not building good enough energy sources. I find that the push towards renewable energy has definitely hurt things as they want to completely push away nuclear and even coal/gas plants. Even China can't generate enough energy even with all their coal plants so energy production isn't going up fast enough to deal with the consumption.
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That's the insanity we live in today, it's like blaming people for eating, you shouldn't eat ration your food, because we destroyed the crops and didn't allow private food drives and made it hard for people to be self sufficient, or for businesses to come in and complete with the ones we like, or run.
There is a huge propaganda peddled by the mainstream media encouraged by the government and banks against the cryptocurrency innovation. They do this to continue squeezing the masses like a giant python would stretch the life from its prey. We must work against this narrative and show people the good aspects of the technology. Thanks for this
I wouldn't say it's really against crypto, more bitcoin as 99% of crypto doesn't really use mining it's proof of stake, while POW on other chains aren't as distributed nor as intensive since there is very little competition for their value.
It's a focus on bitcoin
You know that because crypto is at its infancy, most coins rely on the movement of Bitcoin and so it has a ripple effect. Or am I wrong?
Part of it yes, crypto does tie to bitcoin but it's also tied to capital flows such as stable coins coming into the system, but yes bitcoin is the biggest influencer on crypto because there is no value backing it, their backing is the tether to bitcoin and how much bitcoin the central body running that crypto can secure to back their cryptos order book
In this specific case, they want to ban crypto mining as people are stealing electricity and/or not paying for it at all... It was easier for them to BAN mining than to collect money for electricity...
Then the story makes even less sense, if you're stealing electricity, you're obviously okay with criminal activity to enrich yourself so why would a ban stop you? If your system cannot trace electricity usage and payment collection, a ban isn't going to stop anyone,
Well, those are the problems when you have the "Wild West country"... lol...
It reminds me of Austria rather locking us up than improving the faulty health care.... Gov's mistakes are made using the people's money, and if the gov fucks it up, the people have to compensate.
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They will always blame the people and put the cost on them too, citizens are all just a form of tax revenue and the game is how to get those taxes into my pocket,
Every time period has its villains. With the new millennium, the villains are anyone that refuses to be Green. Bitcoin Mining Blockage is just smoke and mirrors.
I do not want to alienate anyone by calling out countries and their overall pollution stats.
Let's just say that if I was running a country and there was pressure to spend all kinds of money to be green. Choosing a stand like no Bitcoin Mining as to appear to be Green, while actually doing whatever brings in the most money.