European regulators call for a ban on PoW mining

Regulators are concerned about the negative impact of mining on the environment.

Vice-President of the EuropeanThe Securities and Markets Authority (ESMA) Eric Tedeen considers the growing popularity of mining proof-of-work cryptocurrencies a serious threat.

In an interview with the Financial Times, he stated thatbitcoin mining has become a “national problem” and called on European regulators to ban this type of cryptocurrency mining. He came out in support of proof-of-stake (PoS) and stated:

We need to start talking about the transition of the industry to more energy efficient technologies.

Large consumption of electricity for miningbitcoin has become one of the hottest topics in the crypto market in 2021. Many famous personalities have spoken out on this topic, and the head of MicroStrategy, Michael Saylor, even launched the “Bitcoin Mining Council”, which, among other things, took it upon himself to solve this problem.

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Based on materialswww.ft.com