It is hard to believe what European bureaucrats are doing at a time when we are threatened not only by inflation but also by hyperinflation, and when in the 21st century wars of conquest and aggression are being waged in Europe. Together with the banking lobby, they are trying to prove that Bitcoin is responsible for climate change that has been going on for at least 100 years.
To make matters even more tragic, they admit that crypto mining in the EU is not even a problem because it is practically only in traces, but will ban Bitcoin because they want to be globally aware and help hungry children in Africa or polar bears at the North Pole.
European regulators have two tools at their disposal to curb Bitcoin’s hunger for electricity. One is to ban EU-wide mining of cryptocurrencies that use proof-of-work. However, the effect would be limited: Since hardly any mining happens in EU countries, this would have „almost no direct effect on the global mining industry – and thus the energy consumption“ of Bitcoin, says Michel Rauchs, who is a researcher at Cambridge University.
This is just another proof that the world is run mostly by idiots (with rare exceptions) who do not understand why Bitcoin uses POW, and praise some other projects that are of course centralized and use POS. If there is truth in this, then the EU will become more and more like China, which has done exactly what they want now.
