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According to a leading European securities regulator, the EU could consider prohibiting energy-intensive crypto mining.
In a recent interview with the Financial Times, Erik Thedéen, vice-chair of the European Securities and Markets Authority. Of course, states that Bitcoin mining has become a national concern. Then, warns of environmental and climate change risks.
Then, Thedéen has requested European authorities to consider banning proof-of-work mining, which is employed by Bitcoin and numerous other blockchains (including Litecoin), in order to encourage a transition in the sector toward more energy-efficient alternatives like proof-of-stake mining (PoS).
More so, Thedéen’s remarks were in line with China’s efforts to limit Bitcoin mining. China banned crypto mining in May 2021, prompting mining companies to relocate to more energy-efficient environments.
Therefore,Thedéen’s remarks were in line with China’s efforts to limit Bitcoin mining. China banned crypto mining in May 2021, prompting mining companies to relocate to more energy-efficient environments.
According to a third-quarter report from the Bitcoin Mining Council, China’s ban has actually increased the use of renewable energy for crypto mining, with renewable energy accounting for 58 percent of Bitcoin’s network in the third quarter of 2021.
So, Melanion Capital, a Paris-based alternative investment firm.
Then, rebutted Thedéen’s concerns about PoW, calling a crypto mining ban “completely misinformed.”
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