Replying to Avatar 3j2009

What happening in China is a great example of a total ban scenario. It's not the same as carbon regulations. But it does show that without off-grid electricity, mining in China would likely have stayed near 0%.

✅Mining initially dropped to 0%.

✅Mining in china resumed using off-grid electricity.

Citation:

“Access to off-grid electricity and geographically scattered small-scale operations are among the major means used by underground miners to hide their operations from authorities and circumvent the ban," the CCAF said in a statement.

The sudden drop to 0% in July and August followed by a swift increase in the subsequent months suggests mining firms may have been operating covertly
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ShiShi21m 2y ago

When it went to 0%, the hashrate dipped, then popped, even before Chinese miners came back online...

Carbon regs or not, the block reward forces an incentive that will be sought after.

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3j2009 2y ago

There would always remain some miners for it, but the accepted "real" bitcoin could change under a climate pandemic cocktail of:

- Steep carbon regulation coordinated across the UN and harsh sanctions against countries that don't comply.

- Forced selling from BTC miners and panic selling from investors.

- The resulting drop in BTC price means miners cannot afford to pay for carbon offsets.

- Large drop in hash rate that doesn't recover quickly due to shortages in renewable energy infrastructure materials, further shaking confidence in the network.

- BlackRock swapping BTC holdings into PoS Bitcoin and declaring it the "real" bitcoin.

- PoS Bitcoin narrative pushed mainstream as the greatest innovation of our time.