EU to lift ban on Proof-of-Work algorithm
MiCA regulations no longer include requirements focused on “green” cryptocurrencies
02.03.2022 - 07:25
353
1 min
0
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.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$69 580
BTC
+2.49%
-
Ethereum
$2 428.5
ETH
+1.14%
-
BNB Smart Chain
$563.64
BSC
+2.11%
-
Ripple
$0.515177
XRP
+2.36%
-
Dogecoin
$0.170435
DOGE
+5.8%
-
Cardano
$0.334497
ADA
+2.39%
-
Bitcoin Cash
$343.92
BCH
+4.34%
-
Polkadot
$3.87
DOT
+2.89%
-
Litecoin
$65.65
LTC
-0%
-
Stellar XLM
$0.093886
XLM
+2.93%