EU Officially Removes PoW Measures From MiCA Bill

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


BitcoinTechnologyPolitics

729285

After some turbulent back-and-forth, the EU is moving forward with its Markets in Crypto Assets (MiCA) bill. The landmark legislation will go ahead without the inclusion of a controversial provision that would have restricted proof-of-work cryptocurrencies.

Proof-of-work (PoW) is a decentralized consensus mechanism used by cryptocurrencies like Bitcoin and Ethereum, which requires the solving of a mathematical puzzle. The arbitrary nature of the puzzle prevents anyone from taking advantage of the system.

PoW is widely used for validating transactions and mining new tokens, in a computing process which consumes significant energy. The controversial provisions were born in one wing of EU legislators who feared the technology would be too “energy intensive.”

The measures, if passed, would have cut the EU off from the world’s most important cryptocurrencies like Bitcoin and Ethereum. Paris Member of Parliament Pierre Person called the idea “deadly regulation,” saying that the proposal was no longer conducive to the potential innovation and economic boom that blockchain technology offers. 

Instead, the new language included in the bill states that crypto assets “shall be subject to minimum environmental sustainability standards.”

Earlier this month, the measures were defeated in a close vote of 32 against and 24 in favor of the ban. Stefan Berger, the parliamentarian overseeing the MiCA framework, had warned that anti-PoW legislators might make one more attempt to reinstate the provisions; now that the deadline has passed, European miners and crypto-holders can rest easy.
 

author avatar image

Adan Kohnhorst is a globally-based writer and producer with a focus on alternative culture and emerging ideas. He’s a founding member of Shanghai-based media outlet RADII, and the founder of Mind Body Globe, a blog covering intersections of travel and wellbeing.



[ad_2]

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close