Vice Chairman of the European Securities and Markets Authority proposes ban on PoW mining

time:2022-01-20 09:30 source:Internet

On January 20th, considering that PoW mode cryptocurrency mining is a highly energy-intensive business, Erik Thedéen, vice-chairman of the European Securities and Markets Authority (ESMA), suggested that this practice be banned. “We need to discuss how to move the industry to a more efficient technology. The solution is to ban PoW mining,” Thedéen said. As head of the Swedish Financial Services Authority (FSA), Thedéen also highlighted how crypto mining has become a "National Problems". He said: “The financial industry and many large institutions are now active in the cryptocurrency market and they have [environmental, social and governance, or ESG] responsibilities. With ESG concerns pervading the industry, many crypto miners have started using more renewable Energy. Bitcoin is now a national problem in Sweden due to the large amount of renewable energy used for mining.”

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