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

Erik Thedéen said that EU regulators should nudge the crypto industry towards the less energy-intensive proof-of-stake mining.

1/19/2022 12:32:00 PM

The vice chair of ESMAComms says the European Union should look at a bloc-wide ban on proof-of-work crypto mining, according to a report. By JamieCrawleyCD

Erik Thedéen said that EU regulators should nudge the crypto industry towards the less energy-intensive proof-of-stake mining.

Jan 19, 2022 at 9:30 a.m. UTCUpdatedJan 19, 2022 at 9:30 a.m. UTCEU Parliament (areporter/Shutterstock)Proof-of-work crypto mining should be banned in the European Union (EU), according to the vice chair of the European Securities and Markets Authority (ESMA).

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."

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By Jan 19, 2022 at 9:30 a.m. UTC Updated Jan 19, 2022 at 9:30 a.m. UTC EU Parliament (areporter/Shutterstock) Proof-of-work crypto mining should be banned in the European Union (EU), according to the vice chair of the European Securities and Markets Authority (ESMA). 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. (share of 35.4%), Kazakhstan (18.1%) and Russia (11.23%),