1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.''
''A ban on the proof of work mining method within the EU could be an important first step in a global move towards a greater use of more energy-efficient crypto mining methods.''
From what I’ve understood about this, they are not trying to ban Bitcoin, rather they are trying to stop the use of energy intensive Methods in mining cryptocurrency. But even if that is their plan, to ban Bitcoin, then this is not our first time of seeing such. What you have to know is that even if one country decides to ban cryptocurrency, there will always be many countries that wouldn’t ban it and will always be in support of it.
At the start a lot of us normally think that if China should ban Bitcoin and cryptocurrency in general that it is going to affect the whole cryptocurrency ecosystem and the community would go down.
But as time goes on, people started to understand that China is not the foundation and can never be the foundation that holds the cryptocurrency community. And when they took action and banned cryptocurrency, companies that operated in the country immediately shifted to other countries where they can function without any form of restrictions.
