The European Securities and Markets Authority (ESMA) is trying to persuade the EU to ban evidence-of-work (PoW) cryptocurrency mining, especially for Bitcoin.
However, in an interview with the Financial Times, ESMA Vice-President Erik Thedéen said that the EU should instead favor proof-of-stakeholder mining for more efficient energy consumption.
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According to the regulator, proof-of-work is energy-intensive
Erik Thedéen indicated that if European Union As soon as BTC mining in the region continues, it could undermine efforts to improve the climate by reducing carbon pollution.
According to Thedéen, increased institutional adoption cryptocurrency means that attention should now be shifted to energy consumption in the European Union.
“The financial industry and many large institutions have been very active in cryptomen markets for some time. We therefore need to start actively discussing the industry’s transition to more efficient technology (PoS). (…) In our opinion, the solution is to ban the use of the proof-of-work (PoW) method., ”Said ESMA Vice-President.
After a long period of criticism, most mining operators BTC transferred its operations to renewable energy sources. For example Bitcoin Mining Council claims that the companies under their monitoring used to power their mining operations from more than 65% green resources.
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The EU hosts a minimum proportion of PoW miners
Despite the regulator’s warning, data from the Cambridge Center for Alternative Finance suggest that The EU does not have a significant share of PoW mining. This activity is much more widespread in the United States, at 35.4%. He follows them Kazakhstan with 18.1% a Mask, which is currently in third place with an 11.23% share.
However, the European region can attract operators from Chinawho migrate around the world after the country has approved a total ban on bitcoin mining with reference to threats to financial stability.
In the United States, for example, lawmakers are already examining the effects of energy consumption on mining BTC. In the coming days, the Energy and Trade Committee will hold a public hearing to determine the implications of energy consumption for cryptocurrency mining. According to the results, further steps against cryptocurrency mining will then be decided.
Read more: Coinbase and MasterCard work together pushes the boundaries of NFT purchases
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Markets are unpredictable and without sufficient knowledge trading is a gamble. We are not responsible for any losses. Market movements are difficult to predict, so we recommend considering the risk of trading on the stock exchange.
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