Bitcoin (BTC) mining can be both a good and bad force, depending on how it’s done and where it happens. But countries thinking about banning it should know that miners will not hesitate to simply move somewhere else, the president said. FTX. US Brett Harrison on World Economic Forum in Davos, Switzerland, on Tuesday.
Speaking during a panel discussion with crypto investors, researchers, and other stakeholders at Davos, Harrison made it clear that banning crypto mining is not a viable solution and should not be applied by those concerned about the carbon footprint of crypto mining.
According to Harrison, in some cases, mining bitcoins is the force of good, helping to stabilize the renewable grid, and in some cases it is the power of evil when it leads to higher energy prices in the local city.
He added that if the country completely bans it, then this country will not have the opportunity to regulate the extraction of minerals for the better, and it will simply move to another place.
That’s what we saw in China when they banned mining, it happened immediately, Harrison said. He added that some of the production moved to America, where a mixture of renewables and natural gas was used, and most of it moved to Kazakhstan, where it ran on coal, which is much worse than china’s hydropower.
Asked how people can come to a common understanding of which consensus mechanisms are good and which are bad, and why different tribes of the crypto community are pitted against each other, Harrison said it has a lot to do with politics.
I think what you see on the internet and in Twitter about these different consensus mechanisms, not too different from what you see in any political debate. You can see that a very eloquent minority seems to overshadow the silent minority on these issues, he said, adding:
Most of us in the crypto community want this technology to evolve responsibly. We don’t want to necessarily pick winners or losers right away, we want it to evolve, see where it will go, let the market choose what will be better.
Harrison added that the FTX and other companies in the crypto space have tried to work together to develop what he called a single message to regulators, rather than sowing the seeds of controversy in online forums where there is a religious debate about whether proof-of-work is PoW) or proof-of-stake (PoS) is the best consensus mechanism in cryptocurrency.
According to Harrison, the most important thing we need to do as blockchain specialists is to tell real stories about how blockchains are used.
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