Will Bitcoin community switch to POS instead of it’s current POW mechanism?
Previously unseen records detailing the EU’s conversations around banning Bitcoin(BTC) have come to light following a freedom of details request.
European Union (EU) officials were concerned about banning Bitcoin trading during a debate on a suggestion to ban Proof of Work mining according to records obtained through a freedom of information request.
According to a report, published by German digital culture organization Netzpolitik, officials from the EU went as far as proposing that an all-out ban on trading Bitcoin should be enforced in order to restrain its overall energy consumption.
The most worrying statements from the cryptocurrencies community’s perspective came from a record that documented the minutes from an EU meeting with Sweden’s financial manager and an environmental protection agency in which officials advised that regulators pressure the Bitcoin (BTC)community to switch to a Proof of Stake (PoS) instrument, instead of its current energy-intensive Proof of Work (PoW) mechanism.
This report comes as Bitcoin’s energy use continues to draw attention from environmental associations and regulators. Bitcoin mining currently uses around 139 terawatt-hours (TWh) of electricity annually, the entire United Kingdom consumed only an estimated 265 TWh in 2021. In late March, Ripple co-founder Chris Larsen teamed up with Greenpeace to pressure Bitcoin to switch its consensus mechanism to PoS, much like Ethereum intends to do later this year. The EU Economic and Monetary Affairs Committee recently voted against legislation calling for a ban on proof-of-work mining. However, these documents offer a unique insight into the efforts some EU officials are willing to make to crack down on mining-related energy use.