Finally, a proof of work ban is off the table in Europe

The pb person liable for the MiCA study successful the EU Parliament has announced that a impervious of enactment prohibition is present officially disconnected the table. The MiCA study has been allowed done a crucial step successful the European Parliamentary system. The report’s committee & assembly did not situation Stefan Berger’s mandate, and truthful the study continues without a impervious of enactment ban.

#MiCA: Gute Nachricht! Mein Mandat wird NICHT gechallenged. Ich werde nun successful dice Trilog-Verhandlungen gehen mit der Position, dass es keinen #PoW-Ban geben wird. Das EU-Parlament gibt mir Rückenwind & zeigt Innovationskraft /1

— Stefan Berger (@DrStefanBerger) March 25, 2022

Translation: “Good news! My mandate is NOT challenged. I volition present spell into the trilogue negotiations with the presumption that determination volition beryllium nary #PoW ban. The EU Parliament gives maine tailwind & shows innovative spot “

Further, the existent mentation of the study includes a connection to link MiCA to the EU Taxonomy for Sustainable Finance. Suppose this is accepted, which Berger is “optimistic” about; it is doubtful we volition spot immoderate PoW bans successful Europe. In that case, crypto could beryllium officially recognized arsenic an “environmentally (un)sustainable economical [activity],” according to Patrick Hansen of UnstoppableDeFi. The summation whitethorn lead to imaginable issues for those wishing to put successful crypto mining but would not needfully prohibition the exertion outright. The taxonomy is, 

“a transparency instrumentality based connected a classification system translating the EU’s clime and environmental objectives into criteria for circumstantial economic activities for backstage concern purposes.”

It is not a mandatory database of activities. Therefore, if the European Parliament adds crypto mining to the taxonomy, we volition improbable spot exchanges forced to delist PoW coins similar Bitcoin. Instead, determination whitethorn beryllium unit for investors successful crypto mining to absorption connected sustainable sources of vigor to offset the caller classification. It seems similar a monolithic triumph for each progressive as, of course, mining should usage the cleanest forms of vigor available. For example, nary 1 wants companies to excavation Bitcoin from soiled ember powerfulness plants. However, the businesslike and nonstop transportation of vigor to wealth done crypto mining is thing I personally judge is overmuch much sustainable than the existent fiscal system.