EU Parliament Dismisses PoW Crypto Mining Ban

Crypto Mining Ban

The European parliament’s economic and monetary affairs committee has voted to remove a proposal against the proof-of-work mining in the Markets on Crypto Assets framework.

The MiCA draft will now proceed to a trilogy, a negotiation round between the European Commission, the council, and the parliament.

The draft, which attracted widespread opposition among cryptocurrency enthusiasts, wanted a phase-out plan to shift cryptocurrencies like Bitcoin and Ether into non-PoW models.

The provision was included in the regulatory package last week to block the high energy-consuming proof-of-work model in the 27 member countries.

The proposal suggested that all the cryptocurrencies should comply with the EU’s minimum environmental sustainability standard as per the consensus model.

The proof-of-work mining has been criticized by some regulators citing that renewable energy may be directed to the mining process instead of other uses.

Source: Coindesk

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