Play it like China – Since the first discussions on future regulations Mica on crypto-assets in early 2022, we know that some European leaders would dream of banning cryptos based on miningas Bitcoin (BTC). The bass electricity shortages that we will most likely experience this winter therefore constitute a ideal pretext to achieve this “dream”. The European Commission requires, in effect, that EU countries plan toban crypto mining.
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Bitcoin miners coerced and forced to shut down their machines?
Following penalties anti-russians taken by theEuropean Union because of the conflict in Ukraine, as well as sabotages of the two Nord Stream gas pipelines, Europe will certainly have serious energy shortages during this winter.
The European Commission has just, on October 18, 2022, published a document on the energy policy led by Member States. In the questions and answers linked to this action plan, we discover in point 3 that the cryptocurrencies are a target frankly named, among the many electricity restrictions coming.
“Given the current energy crisis and the increased risks for the coming winter, the Commission urges Member States to implement targeted and ambitious measures to reduce the electricity consumption of crypto players. (…) If it is necessary to carry out load shedding in the electricity systems, Member States must also be ready to stop (sic) the mining of crypto-assets. (…)”
How do the Brussels technocrats intend to go about prohibit free enterprise mining bitcoins and other cryptocurrencies in Proof of Work? If they imagine that banning is a solution, remember that – despite the ban on crypto-mining in China mid-2021 – the country of Xi Jinping was still, a year later, the 2ᵉ bigger world producer of bitcoins.
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