14 March
Bitcoin and Ether fall amid EU reviews crackdown on energy-intensive crypto-mining
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.
Recommended
14 March
14 March
SEC acknowledges Franklin Templeton’s proposal for an Ethereum staking ETF
13 March
13 March
Bitcoin dominates with over 62% of market share amid declining interest in altcoins
13 March
Top news
14 March
14 March
14 March
14 March