The European Union may scrap the working model of cryptocurrency mining because it uses too much energy

Translated by: MOS Translation Team – mingyue

The European Union’s top financial regulator has decided that cryptocurrency mining is too energy-intensive and may scrap the energy-intensive model in favor of a lower-energy approach. The ban will apply across the European Union.

Cryptocurrency mining around the world uses more electricity per year than all of Argentina, according to a Cambridge University study. Meanwhile, an analysis by Digiconomist (a blog that focuses on new digital trends like cryptocurrencies) estimates that bitcoin mining alone generates about 97 million tons of carbon per year. Although carbon offsets have been adopted in some areas of NFT (a new type of virtual asset), they are not the key solution.

For now, the world’s financial love of the cryptocurrency market needs to be driven by more effective technological reforms. Regulation of cryptocurrencies in the United States and the European Union is gradually being expanded to pay more attention to the climate impact of cryptocurrencies. Such a ban, though not yet implemented, is being considered.

Proofread by: Saturn

Edited and posted by: Saturn

References:

  1. https://gizmodo.com/european-union-regulator-proof-of-work-bitcoin-ethereum-1848384679
  2. https://gnews.org/zh-hans/1888747/

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