EU to lift ban on Proof-of-Work algorithm
MiCA regulations no longer include requirements focused on “green” cryptocurrencies
02.03.2022 - 07:25
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What’s new? The European Union has revised the law on Markets in Crypto-Assets (MiCA). The wordings regarding environmental mining, which prohibited the use of the Proof-of-Work algorithm, has been removed from the document. The members of the European Parliament have confirmed the amendments have been sent for a vote, which will take place in mid-March, BTC Echo reports.
What did the law say before? The law was first proposed by the European Commission in September 2020. The original version stated that starting in 2025, cryptocurrencies created and admitted in the EU should “not be based or rely on environmentally unsustainable consensus mechanisms.” Also, these mechanisms should “comply with minimum environmental sustainability standards.”
Such wordings imposed a ban on PoW-based cryptocurrencies. Not only Bitcoin, which consumes 170 TW/h, but also Ethereum, Dogecoin, and other more environmentally friendly cryptocurrencies using Proof-of-Stake fell under this rule.
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