Bitcoin Mining Can be a Force for Good or Bad

Bitcoin Mining Can be a Force for Good or Bad

Brett Harrison. Source: a video screenshot / weforum.org

Bitcoin Mining Can be a Force for Good or Bad Bitcoin (BTC) mining can be a force for good or evil, depending on how and where it occurs. However, countries considering a ban should be aware that miners will not hesitate to relocate. On Tuesday, US President Brett Harrison spoke at the World Economic Forum in Davos, Switzerland.

During a panel discussion with crypto investors, researchers, and other stakeholders in Davos, Harrison stated unequivocally that banning crypto mining is not a viable option and should not be pursued by people concerned about the carbon footprint of crypto mining.

“In some circumstances, Bitcoin mining is a force for good, helping to stabilize a renewable grid, and in other cases, it’s a force for negative, driving up energy prices in a local community,” Harrison explained.

He went on to say that if a country “outright bans it,” that country will lose the opportunity to effectively manage mining, and it will “simply relocate somewhere else.”

“This is what we saw in China when they outlawed mining; it moved quickly,” Harrison explained. He went on to say that some mining was sent to America, where it was fueled by a mix of renewables and natural gas, and that “a lot of it” was relocated to Kazakhstan, where it was powered by coal, “which is much worse than the hydro that was happening in China.”

When asked how people might come to a common view of which consensus techniques are good and which are bad, and why different “tribes” of the crypto world are at odds, Harrison compared it to politics.

“I believe that what you see online and on Twitter about these various consensus mechanisms is not unlike to what you see in any form of political argument.” On these problems, you have a very vociferous minority concealing the silent minority,” he observed, adding:

“The majority of us in the cryptocurrency community want this technology to evolve responsibly.” We don’t want to pick winners or losers right now; we want it to develop, see where it goes, and let the market decide what is best.”

Harrison went on to say that FTX and other companies in the crypto space have tried to collaborate to send “a unified message” to regulators, rather than “sowing seeds of discord” on online forums where there are “religious debates” over whether proof-of-work (PoW) or proof-of-stake (PoS) is the best consensus mechanism in crypto.

Bitcoin Mining Can be a Force for Good or Bad “The most essential thing we have to do as blockchain practitioners is communicate the actual tales of how blockchains are being used,” Harrison said.

 

Source: https://cryptonews.com/news/bitcoin-mining-can-be-a-force-for-good-or-bad-banning-it-doesnt-solve-anything-ftxus-president.htm

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