According to the European markets regulator, proof-of-work crypto mining should be prohibited in the EU

<p>According to a Financial Times report, Erik Thedéen, vice head of the European Securities and Markets Authority, believes the European Union should prohibit proof-of-work mining for bitcoin.</p> <p>Instead, European regulators should emphasise proof-of-stake mining over the more energy-intensive proof-of-work mining, he told the Financial Times.</p> <p>"We need to have a dialogue about transitioning the sector to a more efficient technology," Thedéen added.</p> <p>The vice chair advocated for a bloc-wide ban on proof-of-work mining, claiming that it has become a "national issue" in his native Sweden because to the vast amount of renewable energy it consumes. According to Thedéen, the energy-intensive work impedes climate goals and diverts resources from other projects.</p> <p>"The solution is to outlaw proof-of-work," he says.</p> <p>Proof-of-stake, the less energy-intensive option, requires users to put up cryptocurrency as collateral in exchange for the ability to successfully approve transactions.</p> <p>Proof-of-work forces participants to expend significant computational resources and energy in order to generate new blocks on the blockchain. It is a more secure way, but it uses more energy.</p> <p>The amount of energy required to mine for bitcoin and other currencies via proof-of-work mining is still a source of contention. Elon Musk announced last year that Tesla will no longer accept bitcoin payments, citing the network's high energy consumption.</p> <p>Tesla would resume accepting bitcoin as a payment method after mining uses 50 percent renewable energy, he stated, adding that crypto "is a terrific idea... but this cannot come at a high cost to the environment."</p> <p> </p> <p><a href='http://paypal.me/cryptopirates'>Support us!</a></p>