EU Markets Regulator Calls for Ban on Proof-of-Work Crypto Mining: Report

EU Markets Regulator Calls for Ban on Proof-of-Work Crypto Mining: Report
Proof-of-work crypto mining should be banned in the European Union (EU), according to the vice chair of the European Securities and Markets Authority (ESMA).Erik Thedéen said that EU regulators should nudge the crypto industry towards the less energy-intensive proof-of-stake mining in an interview with the Financial Times.”The solution is to ban proof-of-work,” he said. “Proof-of-stake has a significantly lower energy profile.”The proof-of-work model involves miners using scores of powerful computers to solve complex mathematical problems in order to record transactions on the blockchain an be rewarded with new coins. The world’s largest two cryptocurrencies – bitcoin and ether – both…