LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
No Result
View All Result
Bitcoin Mining

Will the EU Ban All Crypto Mining?

by Nick Marinoff
March 20, 2022
in Bitcoin Mining, Bitcoin News, Mine Bitcoin, News
Share
logo

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

Sign up

It looks like all these different countries are taking a page out of what has become the infamous China crypto book. The European Union (EU) is all set to vote on whether to ban bitcoin and cryptocurrency mining given its alleged impacts on the planet. The ban would come through drafted legislation known as the Markets in Crypto Assets (MICA) framework.

The EU Will Vote On a Potential Crypto Ban

At the risk of sounding preachy, this is getting rather old. How many more arguments are we going to have to hear about bitcoin mining’s potential environmental hazards? For the most part, a lot of these arguments have been debunked, and bitcoin mining has been said by many industry experts to use nowhere near as much energy as people seem to think it does. Despite all this, many people out there still want the entire industry brought to its knees.

The economic and monetary affairs committee – a division of the EU – will make the decision regarding whether to ban digital currency mining in the future. The goal is to make all digital currencies – whether they be bitcoin or something else – to switch to proof of stake (PoS) modules over proof of work (PoW), which is what BTC primarily relies on at the time of writing.

Proof of work operates through heavy duty computers solving complex mathematical equations to extract units from the blockchain. Many industry experts have stated that what the EU is trying to accomplish cannot be done, as they are essentially trying to “ban mathematics” through disallowing proof of work systems.

In a recent tweet, anonymous crypto advocate Plan B described the EU’s plan as “peak stupidity:”

Intel embraces new technology and invests billions in proof of work mining. Meanwhile, Europe wants to ban that same proof of work technology, which is just math. Europe is at peak stupidity.

Jeremy Allaire – the head of crypto payment platform Circle – also rang in, explaining:

That such a proposal made it this far is extraordinarily concerning and unlikely to stand up to practical reality.

This Could Have Damaging Results

Jake Chervinsky – a lawyer that predominantly works on crypto-related cases and the head of policy for the Blockchain Association – mentioned in a statement that if crypto analysts thought Biden’s recent crypto executive order was damaging to the space, they were in for a world of shock if the EU got its way. He said:

The MICA situation is worse for crypto than anything in the USA. Tomorrow, the European Parliament votes on ‘environmental sustainability standards’ that look like a pretext for a bitcoin ban. If it passes, it can be undone in the next phase of the EU process, but it’s very bad.

This is arguably a trend that began last summer when China voted to ban all crypto mining projects from its turf.

Related Posts

Stellar Lumen (XLM) Price
Altcoin News

Stellar Lumen (XLM) Price At Risk Below This Key Support, Bears Are Back?

Stellar lumen price is gaining pace below the $0.132 support zone against the US Dollar. XLM price is now...

by Aayush Jindal
December 11, 2023
XRP Price
Altcoin News

XRP Price Analysis: XRP Drops Again, Can This Support Hold?

XRP price started a fresh decline below the $0.650 zone against the US dollar. The price is now trading...

by Aayush Jindal
December 11, 2023
Bitcoin Cash Price
Altcoin News

Bitcoin Cash Analysis: Indicators Suggest Fresh Rally To $275

Bitcoin cash is eyeing a fresh increase above the $252 resistance against the US Dollar. The price is now...

by Aayush Jindal
December 8, 2023
Litecoin (LTC) Price
Altcoin News

Litecoin (LTC) Price Analysis: Bulls In Action Above $75

Litecoin started a steady increase above $72 against the US Dollar. LTC price is now trading above $73.50 and...

by Aayush Jindal
December 8, 2023

Top Casinos

Crypto Casinos
Crypto Casinos
Bonus Finder
Bonus Finder

Press Releases

  • BC.GAME Honored with the “Best Casino Operator 2023” Award from SiGMA

  • ArbitrageScanner is hosting its biggest affiliate event in Bangkok on the 9th of December. For...

  • Is the Bitcoin price still at risk? Golden Cross signals bull run

  • FUNToken & ivendPay: Pioneering the Next Era of Crypto Payments

  • Zeebu’s $ZBU Listing On Gate.io and Startup Program

About us:

Live Bitcoin News is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at Live Bitcoin News, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

Follow us:

  • This field is for validation purposes and should be left unchanged.

  • About
  • Partners
  • PR
  • Advertising
  • Privacy
  • T&C
  • Contact
  • Trading Software
  • Online Casinos Germany

© 2023 Live Bitcoin News. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise

© 2023 Live Bitcoin News. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.
Go to mobile version