Regulator Reiterates Call for EU Ban on Proof-of-Work Mining

High-ranking regulators in financial services have reiterated their call for an EU-wide ban of cryptocurrency mining using the proof -of-work model. It is believed that the power-hungry model used in minting major cryptocurrencies such as bitcoin, as well as ethereum, has led to increased use of renewable energy and a slowing of climate change in other sectors.

Erik Thedeen, Vice-Chair of European Securities and Markets Authority, stated to Financial Times that the regulators on the Old Continent need to consider banning proofof-work mining and steer the industry toward the less-energy-intensive proofof-stake method. According to the ESMA official this will reduce its enormous power consumption.

Thedeen is also the director-general for Sweden’s Financial Services Authority. He noted that bitcoin mining has become an important national issue. He and Bjorn Risinger (head of the Swedish Environmental Protection Agency) identified proof-of-work as the primary reason for bitcoin’s high energy consumption. was the first to call for an EU ban.

Thedeen insists that proof of work should be banned. He also emphasized that proof-of stake has a lower energy profile. The regulator stated that ‘we need to have discussions about shifting the industry towards a more efficient technology.’ However, Thedeen made it clear that he wasn’t advocating for a broad crypto ban.

The environmental impact of cryptocurrency mining is being criticized. China, which had the largest share in global hashrate at the time, launched a crackdown against the industry last May following President Xi Jinping’s promise to achieve carbon neutrality. The miners have been trying to increase the percentage of renewable energy in their equipment’s power mix. Erik Thedeen claims:

It would be ironic if all the wind power from Sweden’s long coastline was used for bitcoin mining.

Companies that mine coal have moved to countries with high-tech solar and wind power generation capacities, such as Sweden or Norway. supports the Swedish proposal. Thedeen warns that authorities will not intervene if a substantial amount of renewable energy is used to mint digital currencies, rather than helping traditional services shift away from coal-powered energy sources.

Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks

While the privacy-oriented digital currency monero has experienced double-digit gains, most of the crypto economy suffered losses and has been in a consolidation period, XMR was recently in the news after a cybersecurity company warned torrent files containing the film ‘Spider-Man: No Way Home’ may have malicious monero mining malware.

Since years, Monero has been plagued by mining malware reports. Some applications can hijack the CPU of a victim and then mine monero. This act is also known as cryptojacking.

monero has gained 58% year-to-date against the U.S. Dollar. The crypto asset has a market cap of approximately $4.4 billion and is ranked 44th out of 12,135 crypto assets. XMR is 0.19% of $2.3 trillion crypto-economy as of January 1, 2022.

XMR trades at around $227.51 to $258.55 per unit. Tether ( USDT) accounts for 42% of all trades. This is followed by Bitcoin (18.39%) and Ethereum (7.83%). The USD (a href=””>USDT) has a 4.2% average price range, while the EUR (3.35%), GBP (2.32%) and the JPY (1.32%) are next.

Monero ( XMR is an open-source cryptocurrency network that uses Cryptonote technology. It was created by Nicolas van Saberhagen. Although the blockchain network is believed to be obscured, Ciphertrace asserts that it has monero tracking capabilities.

Privacy techniques used by the project include IP address concealing, signatures and bulletproofs. A Monero developer revealed BTC to XMR atomic Swap capabilities at the end of August 2021. In addition, Monero (XMR), can be leveraged on several darknet marketplaces.

Monero is also up against privacy-coin rivals such as hirizen (ZEN), and dash. ZEN has risen by 438% against the U.S. Dollar, while ZEC rose 130.8% in the past year.