Bitcoin mining energy consumption talks causes fear in the market

Bitcoin mining energy consumption talks are beginning to flood the space again. These energy talks were partly responsible for Bitcoins 73% dip from its all time high at $64k in May last year following China’s Ban and Elon Musks cry for clean energy.

Most mining farms in the United States especially, were forced to go green or innovate alternative mining methods to stay in the game.

Almost a year later, the energy talks have somehow resurfaced and Bitcoin is trading around $39k at the time of writing this post right where we were in May-June 2021, is 2021 about to repeat itself?

Hmmn...if it does, it means the rest of the year will be a drag, Bitcoin will once again find support at $50k territory and keep ranging there at the end of the year, and likewise, alts will rally again.

But it is highly unlikely 2021 repeats itself, we barely had half the action Bitcoin has had in 2022 in 2021, I wrote about how Bitcoin has been trending for reasons other than price action and we are just in Q2.

Back to the energy talks, there’s a certain type of people who are pushing for Bitcoin to change from Proof of work to proof of stake, it’s been subtle in the past but it seems like it’s beginning to gain attention all under the guise of protecting the environment.

In the grand scheme of things, what is the implication of upgrading Bitcoins proof of work to proof of stake, many will argue that it messes with Bitcoins security which is like its number one advantage, but can it? Really?

I’m all for leaving things as is especially when I’m not versed enough on the topic, this is how I believe rational people should behave but the guys at the U.S house of rep beg to differ. Even as noob as I am I can pick out inaccuracies in this letter

Well, only a couple of things can happen, either United States bans pow mining and majority of miners in United States find their footings in more mining friendly areas or the state somehow realizes that Bitcoins pow mining has more advantages than disadvantages in causing environmental problems.

In my opinion I don’t think people will ever agree to a upgrade of Bitcoins code to proof of stake from proof of work.

What do you think? Do you see a Proof of stake bitcoin coming down the line?

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