Key Takeaways
- Erik Thedéen, the vice-chair of the European Securities and Markets Authority, has called for a ban on Proof-of-Work mining.
- Thedéen has also expressed concerns over crypto miners increasingly consuming renewable resources at the expense of more important uses.
- The regulator called Proof-of-Work mining a “national issue” for Sweden as more miners relocate there.
A leading EU regulator, Erik Thedéen, has pushed for banning Proof-of-Work mining amid concerns over its exorbitant energy consumption. As of now, this would entail banning mining for both of the two largest cryptocurrencies, Bitcoin and Ethereum, though the latter is slated to move to Proof-of-Stake this year.
Regulator Proposes Proof-of-Work Ban
A prominent regulator has called for the outright banning of Proof-of-Work cryptocurrency mining, citing environmental and energy usage concerns.
Per the Financial Times, the vice-chair of the European Securities and Markets Authority, Erik Thedéen, speaking on Proof-of-Work mining’s tendency to impede progress on climate change, has said that “the solution is to ban Proof-of-Work.” He did not call for a ban on cryptocurrencies, but rather has called upon the industry to focus on the more energy-efficient Proof-of-Stake blockchain validation method.
The prominent regulator concurrently serves as director-general of Sweden’s Financial Services Authority and chair of sustainable finance for the International Organization for Securities Commissions. He has called cryptocurrency mining a “national issue” for Sweden, as more miners relocate to that country to source power more sustainably.
Last November, Thedéen, alongside the director-general of the Swedish Environmental Protection Agency Björn Risinger, similarly called for the prohibition of energy-intensive crypto mining because, even if conducted using sustainable resources, it shifts resources away from other, more crucial activities.
In their November report, the directors-general said that “the social benefit of crypto-assets is questionable” and cited various troubling statistics on the energy usage of Proof-of-Work, including the calculation that the carbon footprint of Bitcoin and Ethereum combined is equal to 100 million round-trip flights between Sweden and Thailand each year.
Thedéen remarked:
“We need to have a discussion about shifting the industry to a more efficient technology. The financial industry and a lot of large institutions are now active in cryptocurrency markets and they have [environmental, social, and governance] responsibilities.”
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Bitcoin’s Hashrate Hits All-Time High In Time for 13th Birthday
The Bitcoin mining hashrate hit an all-time high over the New Year’s weekend, just before Bitcoin’s 13th birthday. All-Time Highs Bitcoin became a teenager today, and its hash rate is…
Audience Survey Win A $360 Subscription To Pro BTC Trader
Answer the questions below and share your email for a chance to win. Every month, 5 people will receive a $360 1-year subscription to Pro BTC Trader. Free. We’re doing…
Is Intel Building an Eco-Friendly ASIC?
Intel is scheduled to present its new energy-efficient “Bonanza Mine” processor at the upcoming International Solid-State Circuits Conference this February. The processor is described as “an ultra-low-voltage energy-efficient Bitcoin mining…
Our Crypto Predictions for 2022
Regulatory intervention, Ethereum’s merge to Proof-of-Stake, the growth of DAOs, and—yes—the Metaverse look set to have a big impact on crypto next year. Reflections on 2021 in Crypto and the…
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Apple 2024 MacBook Air 13-inch Laptop with M3 chip: 13.6-inch Liquid Retina Display, 8GB Unified Memory, 256GB SSD Storage, Backlit Keyboard, 1080p FaceTime HD Camera, Touch ID; Midnight
$873.08 (as of June 30, 2024 21:12 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Premier Protein Shake, Chocolate, 30g Protein 1g Sugar 24 Vitamins Minerals Nutrients to Support Immune Health, 11.5 fl oz (Pack of 12)
$29.98 (as of June 30, 2024 21:12 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
TrendPlain 16oz Oil Dispenser Bottle for Kitchen - 2 in 1 Olive Oil Dispenser and Oil Sprayer - 470ml Olive Oil Bottle - Oil Sprayer for Cooking, Kitchen, Salad, Barbecue Black
$8.99 (as of June 30, 2024 21:12 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Blink Outdoor 4 (4th Gen) – Wire-free smart security camera, two-year battery life, two-way audio, HD live view, enhanced motion detection, Works with Alexa – 3 camera system
$233.99 (as of June 30, 2024 21:12 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
