EU Markets Regulator Calls for Ban on Proof-of-Work Crypto Mining: Report

Proof-of-work crypto mining should be banned in the European Union , according to the vice chair of the European Securities and Markets Authority .

Erik Thedéen said that EU regulators should nudge the crypto industry towards the less energy-intensive proof-of-stake mining"The solution is to ban proof-of-work," he said."Proof-of-stake has a significantly lower energy profile." The proof-of-work model involves miners using scores of powerful computers to solve complex mathematical problems in order to record transactions on the blockchain an be rewarded with new coins. The world's largest two cryptocurrencies - bitcoin and ether - both use this model.

Proof-of-stake mining is less energy intensive in that users win the right to record transactions based on how much investment - or"stake" - they have in the network. Ether has plans to migrate to a proof-of-stake model later this year. The EU does not currently account for a particularly significant share of the proof-of-work mining industry. Bitcoin mining is currently dominated by the U.S. , Kazakhstan and Russia ,

ESMAComms JamieCrawleyCD EU’s loss is North America’s gain… US and Canada quickly becoming the center of the Bitcoin mining world…

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JamieCrawleyCD

ESMAComms JamieCrawleyCD Does he even know what PoW is? Has he even researched or read what is it about or just wants to ban it due to their ideological nonsense? I m going to leave this report, don't know if he'll be able to read it though

ESMAComms JamieCrawleyCD Tell me you're threatened by Bitcoin without telling me you're threatened by Bitcoin.

ESMAComms JamieCrawleyCD 🍇

ESMAComms JamieCrawleyCD If this fella is elected and might represent a part of European citizens his opinion would matter, if not, not much though that it would be indicative for European member states.

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