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19 October 2022 | Other

Bitcoin and Ether fall amid EU reviews crackdown on energy-intensive crypto-mining

ETHUSD
BTCUSD

Bitcoin and Ethereum dropped sharply Wednesday, October 19, during morning trading on the Asian market. The reason is the European Union (EU) to consider a bill that says the mining process of energy-intensive cryptocurrencies, including Bitcoin, may be restricted. 

Under the EU proposal, cryptocurrencies would be classified according to their energy consumption. Thus, less energy-intensive blockchain systems are likely to come to the fore, i.e. the proof-of-stake protocol. This algorithm has become widespread since the Ethereum merger, as Bloomberg reported.

The bill is aimed at combating global warming. Therefore, demand for Bitcoin, acting as the largest cryptocurrency across the globe, may decline in the long run as it relies on an energy-intensive blockchain system. 

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