ESMA calls for a ban on mining on the PoW algorithm
Eric Teden, vice chairman of the European Securities Market Surveillance Authority, urged continental regulators to consider a complete ban on cryptocurrency mining on the PoW consensus algorithm.
Teden cites the growing energy consumption of Proof-of-Work mining as the main reason. According to the ESMA representative, miners may well continue to mine cryptocurrencies, they should just switch to coins based on the Proof-of-Stake algorithm and the like.
Teden, who also serves as director general of the Swedish Financial Services Authority, argues that bitcoin miners have become a "national problem" and have the potential to affect climate change:
"The solution is to ban cryptocurrencies on PoW. The Proof-of-Stake algorithm requires much less energy. We need to discuss redirecting the development of the mining industry to a more efficient technology."
