Regulatory authority Repeated claim for a ban on EU from ProOF-of-WORK MINING-MINING BITCOIN messages
Regulatory authority Repeated claim for a ban on EU from ProOF-of-WORK MINING-MINING BITCOIN messages
The EU should prohibit proof-of-work crypto mining, a manager of the European securities supervisory authority demanded. Coins to rely on the energy -intensive method of embossing is a risk of efforts to achieve the achievement of climate protection goals, as they are defined in the Paris Agreement, says the regulatory authority.
Bitcoin mining now in the EU due to the burning of too much renewable energy
A high-ranking financial supervisory authority has its demand for a EU-wide ban on the annoyance of cryptocurrencies based on the Proof of work Concept. The power -hungry model, which is used in the embossing of important cryptocurrencies such as Bitcoin - and at this time also at Ethereum - was accused of using more and more renewable energies, which is supposed to slow down climate change in other sectors.
In a conversation with the Financial Times, the deputy chairman of the European Securities and Market Authority Erik Thedéen said that the regulatory authorities should consider prohibiting proof-of-work mining on the old continent and trying to direct the industry in the direction of less energy intensity proof-of-stake Method. This is according to esma , will reduce its enormous electricity consumption.
Thedéen, who also acts as general director of the Swedish financial services authority, found that Bitcoin mining has become a "national matter" for its own country. In November, he and Björn Risinger, head of the Swedish environmental protection authority, named the proof-of-work mining as the main reason for the high energy consumption of Bitcoin issued the first request for a ban in the EU.
"The solution is to ban proof-of work", Thedéen has now emphasized again and emphasizes that Proof-of-Stake has a significantly lower energy profile. "We have to have a discussion about switching the industry to more efficient technology," said the regulatory authority. However, Thedéen was aware that he did not support a far-wide crypto ban.
The digging of cryptocurrencies has been criticized because of its growing effects on the environment. Last May, China-which at that time had the largest share in the global hashrate-started a razzia via the industry after the promise of President Xi Jinping, to achieve CO2 neutrality. Miners have worked to increase the proportion of renewable energies in the mixture that drives their hardware. Erik Thedéen, however, says:
It would be irony if the wind power that is generated on Sweden's long coast would be devoted to Bitcoin mining.
mining companies have shifted their location to countries with developed capacities to produce wind and solar energy such as Sweden and Norway thinks support of the Swedish proposal. Thedéen now warns that if the authorities do not intervene, a considerable amount of renewable energy would flow into the characteristics of digital currencies instead of helping traditional services to avert from coal -powered energy sources.
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