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Bitcoin, proof-of-work ban removed from European Union’s MiCA

·1 min read

The European parliament has scrapped wording from proposed legislation that would have banned cryptocurrencies that rely on the proof-of-work (PoW) consensus mechanism, like Bitcoin.

See related article: How serious is the threat of Bitcoin mining to the environment?

Fast facts

  • The European Parliament member in charge of spearheading the bill known as the Markets in Crypto Assets (MiCA) legislation, Stefan Berger, confirmed the removal of the language on Tuesday.

  • The bill seeks to establish broad oversight of the crypto industry, such as introducing a licensing scheme for service providers and laying out rules for stablecoins.

  • EU lawmakers had sought to ban the networks starting in January 2025 due to the heavy energy requirements, but had indefinitely postponed the Feb. 28 vote following backlash.

  • Bitcoin’s high energy usage is a growing point of contention amid a global push towards decarbonization.

  • The University of Cambridge ranks Bitcoin’s total energy consumption as the 27th-highest energy guzzler when measured alongside countries, followed by 28th-ranked Ukraine.

  • The EU has not set a new date to vote on the pending MiCA legislation.

See related article: Here’s why Australia can’t use its empty deserts to mine Bitcoin