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

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

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Proof-of-work crypto mining needs to be banned within the European Union (EU), in accordance with the vice chair of the European Securities and Markets Authority (ESMA).

  • Erik Thedéen stated that EU regulators ought to nudge the crypto trade in the direction of the much less energy-intensive proof-of-stake mining in an interview with the Financial Times.
  • “The solution is to ban proof-of-work,” he stated. “Proof-of-stake has a significantly lower energy profile.”
  • The proof-of-work mannequin includes miners utilizing scores of highly effective computer systems to unravel advanced mathematical issues with a view to report transactions on the blockchain an be rewarded with new cash. The world’s largest two cryptocurrencies – bitcoin and ether – each use this mannequin.
  • Proof-of-stake mining is much less vitality intensive in that customers win the fitting to report transactions based mostly on how a lot funding – or “stake” – they’ve within the community. Ether has plans emigrate to a proof-of-stake mannequin later this 12 months.
  • The EU doesn’t at the moment account for a very vital share of the proof-of-work mining trade. Bitcoin mining is at the moment dominated by the U.S. (share of 35.4%), Kazakhstan (18.1%) and Russia (11.23%), according to the Cambridge Centre for Alternative Finance.
  • However, with mining banned final 12 months within the beforehand dominant China, there could also be issues amongst EU directors that its beforehand small share of the mining trade might naturally develop as miners search for new properties.

Read extra: 8 Trends That Will Shape Bitcoin Mining in 2022

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