During a debate about a ban on mining for any digital assets which used a Proof-of-Work algorithm on Apr 22, the EU officials proposed an all-out ban on Bitcoin (BTC) trading in order to curb its enormous energy consumption. In an EU meeting with Sweden’s financial supervisor and an environmental protection agency, these EU officials suggested that regulators should pressure the BTC community to switch to a Proof-of-Stake mechanism instead of its current energy-intensive Proof-of-Work mechanism.
According to the data of the University of Cambridge, BTC mining currently consumed roughly 139 terawatt-hours of electricity every year, while the entire UK only used an estimated 265 terawatt-hours in 2021. The EU recently voted to ban the BTC’s mining mechanism.Ripple co-founder also teamed up with Greenpeace to pressure BTC to change its consensus mechanism. Meanwhile, the EU believed they needed to protect other sustainable crypto coins. An insider suggested that the EU could reasonably place a blanket ban on trading any crypto assets using energy-intensive mining algorithm, and BTC would bear the brunt of such bans.
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