EU market regulator calls for ban on Proof-of-Work crypto mining
Erik Thedeen, the newly appointed vice-chairman of the European Securities and Markets Authority's (ESMA) supervisory body, has called on regulators across the European Union to impose a blanket ban on proof-of-work (PoW) mining.
Erik Thedéen said in an interview with the Financial Times that EU regulators should push the crypto industry toward less energy-intensive proof-of-stake mining. He suggested giving the upper hand to proof-of-stake (PoS), an alternative consensus algorithm considered more energy-efficient. Thedéen, who was appointed vice-chairman of ESMA in December, also called Bitcoin mining a "national issue" in his home country of Sweden.
Thedéen is also director-general of the Swedish Financial Supervisory Authority and chairman for sustainable finance at the International Organisation of Securities Commissions, a global grouping of securities and futures regulators. His comments follow similar remarks by the Swedish regulator last November.
The EU does not account for a significant share of PoW mining
The EU does not currently have a substantial share of the proof-of-work mining industry. According to the Cambridge Centre for Alternative Finance, Bitcoin mining is currently dominated by the US (35.4% share), Kazakhstan (18.1%), and Russia (11.23%). There may be concerns among EU administrators that its previously small share of the mining industry could naturally grow as miners search for new homes.Crypto miners have come under increasing pressure for their energy consumption. Kosovo recently banned crypto mining due to power outages caused by the country's energy crisis. Unrest in Kazakhstan has also hampered Bitcoin mining.
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