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.
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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.
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