UK debates crypto mining ban

What does this mean for the cryptocurrency market, given that approximately 37% of British citizens support outright banning cryptocurrency “mining” in the country because of its negative environmental effects? Forbes Advisor releases fresh data that suggests a possible direction for the cryptocurrency industry.

Since cryptocurrency mining requires a large amount of processing power, it is an energy-intensive practise that has drawn opposition from many in the UK. In fact, according to some researchers, Bitcoin mining alone uses more energy annually than certain nations.

In light of this, 42% of British people think more needs to be done by the cryptocurrency sector to lessen its negative environmental effects. Conversely, 51% support governmental measures that attempt to address and lower carbon emissions brought on by cryptocurrency activity.

A full ban on cryptocurrency mining is supported by 44% of adults between the ages of 18 and 34 because of environmental concerns. Thirty-five percent of those between the ages of 35 and 54 support the ban, while the same percentage of people over 54 do so.

Men are twice as likely as women to reject the ban, despite the fact that there doesn’t seem to be a significant gender gap in support for it, with 40% of men and 34% of women in favour. Men are seventeen percent against prohibition, compared to eight percent against it among women.

The Forbes Advisor study emphasises the importance of raising awareness of the subject. In general, 59% of British people are ignorant of the environmental effects of cryptocurrency mining and how it is carried out.

How does this perspective on cryptocurrency affect behaviour?

Roughly sixteen percent of investors base their decisions on environmental considerations, whereas most investors give other considerations precedence. The three most important factors for investors are the popularity of particular digital assets (25 percent), the cost of buying cryptocurrencies (31%), and the possible profits on their investments (37%).

Remarkably, 21% of British people said they would be willing to invest in eco-friendly cryptocurrencies, even if the returns would be lower. This is especially true for individuals who have previously invested in cryptocurrencies or want to do so, as 58% of them are willing to make such environmentally friendly financial decisions.

Concurrently, 38% of cryptocurrency investors have purposefully shunned particular digital assets because of their alleged negative effects on the environment.

“Support for a crypto mining ban is notable, and a substantial number of investors are open to less energy-intensive ‘proof of stake’ cryptocurrencies, even if it means the possibility of lower returns,” said Mark Hooson, a crypto specialist at Forbes Advisor, in explaining his thoughts on the findings. A lot of investors are beginning to consider the environmental impact of their decisions in addition to the possible returns.

“Those who care about the environment should look into and select investing platforms and cryptocurrencies that put sustainability first. Investors may help create a more sustainable bitcoin environment by raising awareness and making wise decisions.

Approximately 27% of respondents think that using renewable energy sources to power bitcoin mining activities is feasible. When asked why they would not follow this path, the main response (36%) was that they were concerned about the stability of the market. Significant obstacles also include confusion about legal compliance and regulatory matters (25%) and poor access to trustworthy information (29%).