European watchdogs should encourage the proof-of-stake mining model as the proof-of-work one is bad for the environment, Erik Thedéen opined.
The vice-chair of the European Securities and Markets Authority – Erik Thedéen – urged the EU financial regulators to prohibit the cryptocurrency mining model known as proof-of-work. He also claimed that bitcoin has turned into a “national issue” for his homeland Sweden because of the amount of renewable energy devoted to mining the asset.
It is worth noting that the two largest digital assets by market capitalization – Bitcoin and Ether – rely on the proof-of-work mining technology. However, Ethereum is on its way to upgrading the network to Ethereum 2.0 as the transition is expected to happen this summer. Following the development, the second-largest blockchain protocol will start utilizing the proof-of-stake method and thus become more green-focused.
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