2021 as well bitcoin It has been a very good year for both investors and miners. However, due to the high amount of energy used in Bitcoin money mining, there has been a lot of criticism on this subject.
Especially Tesla CEO Elon Musk, Bitcoin miningIt was widely talked about giving up vehicle sales with Bitcoin, which was accepted due to its environmental effects.
Erik Thedeen, Vice President of the European Securities and Markets Authority (ESMA), was among those who criticized Bitcoin mining.
Ban the PoW Model!
In a recent interview with the Financial Times, Erik Thedeen urged EU regulators to ban PoW (proof-of-work) mining while pointing to the need to switch to a less energy-based Proof of Stake model.
“The solution is to ban the high-energy PoW model. Proof of Stake has a significantly lower energy profile and should be rolled out among miners.”
Thedeen, who wanted the PoW model to be banned in mining, stated that he did not think that cryptocurrencies should be banned completely.
In addition, while stating that Bitcoin mining has become a “national issue” for his country, Sweden, the ESMA manager emphasized that mining poses a risk for the achievement of the climate change targets stipulated in the Paris agreement.