Bitcoin Miners Adapt Fast As EU Mulls ‘Climate-Friendly Cryptoassets’

[RSRS]

The European Commission will work to define standards for “climate-friendly cryptoassets.”
Most mining companies in Europe are said to be already focused on mining with only renewable energy.
“Cryptocurrency miners are able to adapt much faster as machines can be moved fairly easily.”
As the European Union (EU) institutions are advancing their work on the much-discussed Markets in Crypto-Assets (MiCA) proposal, it might pave the way for more renewable energy use in Bitcoin (BTC) mining.

Since it was first unveiled in September 2020, the 168-page-long proposal has stirred much controversy among the continent’s cryptosphere, with observers such as Firat Cengiz, Senior Lecturer in Law at the University of Liverpool, noting that MiCA could make it more difficult for small players to enter the EU’s crypto market.

The European Parliamenthas included the proposal on its list of legislative priorities for 2021 on which members of the parliament (MEPs) aim to report substantial progress. MiCA is “[a]waiting committee decision,” as it is currently deliberated by the parliament’s Committee for Economic and Monetary Affairs (ECON).

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[Alcor]

The problem for cryptocurrency miners will not only be in the transition to the consumption of clean renewable energy sources. At the last summit of the G20 countries, the participating states pledged to take tough measures to prevent global climate change, and above all, to reduce greenhouse gas emissions.
Swedish regulators have already approached the EU countries with a proposal to ban mining of energy-consuming cryptocurrency with the PoW algorithm. It is most likely that such a decision will be made. This will primarily hit Bitcoin mining, which is unlikely to be able to switch to another algorithm.