{"id":56197,"date":"2022-01-19T15:36:09","date_gmt":"2022-01-19T13:36:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56197"},"modified":"2025-09-04T05:11:56","modified_gmt":"2025-09-04T02:11:56","slug":"eu-urged-to-ban-proof-of-work-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/eu-urged-to-ban-proof-of-work-mining\/","title":{"rendered":"EU urged to ban Proof-of-Work mining."},"content":{"rendered":"

EU regulators should ban Bitcoin mining and other cryptocurrencies using the Proof-of-Work algorithm because of its energy intensity. The FT<\/a> reported that Erik Thed\u00e9en, vice-chair of the European Securities and Markets Authority (ESMA), said.<\/p>\n

In his view, without regulatory intervention, an increasing share of green electricity will be directed toward mining digital assets rather than replacing carbon-based energy sources.<\/p>\n

He noted that in his native Sweden, Bitcoin mining has already become a ‘national problem’.<\/p>\n

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“The solution is to ban Proof-of-Work. The Proof-of-Stake algorithm has a significantly lower energy footprint,” said Thed\u00e9en.<\/p>\n<\/blockquote>\n

In Sweden he heads the Financial Supervisory Authority. The ESMA post was appointed<\/a> to Thed\u00e9en in December 2021.<\/p>\n

In November, the official, together with Bjorn Raizinger, head of the Environmental Protection Agency, called for banning energy-intensive mining<\/a> within the European Union.<\/p>\n

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“There are other mining methods that can also be used for Bitcoin and Ethereum, which, according to estimates, reduce energy consumption by 99.95% while maintaining functionality,” they stressed in a statement.<\/p>\n<\/blockquote>\n

In the Norwegian government, officials stated<\/a> that there could be support for the Swedish state agencies’ initiative. They also cited “unjustified electricity costs”.<\/p>\n

In July 2021, France’s regulator proposed<\/a> to grant ESMA powers to oversee the crypto industry.<\/p>\n

Subscribe to ForkLog news on VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

EU regulators should ban Bitcoin mining and other cryptocurrencies using the Proof-of-Work algorithm because of its energy intensity. Erik Thed\u00e9en, vice-chair of the European Securities and Markets Authority (ESMA), told the FT.<\/p>\n","protected":false},"author":1,"featured_media":56198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[733,1306],"class_list":["post-56197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-europe","tag-mining-ban"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=56197"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56197\/revisions"}],"predecessor-version":[{"id":56199,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/56197\/revisions\/56199"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/56198"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=56197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=56197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=56197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}