{"id":415813,"date":"2022-03-14T09:14:59","date_gmt":"2022-03-14T06:14:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/environmental-sustainability-key-sticking-point-in-eu-mica-bill\/"},"modified":"2022-03-14T09:14:59","modified_gmt":"2022-03-14T06:14:59","slug":"environmental-sustainability-key-sticking-point-in-eu-mica-bill","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/environmental-sustainability-key-sticking-point-in-eu-mica-bill\/","title":{"rendered":"# Environmental sustainability key sticking point in EU MiCA bill"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36684c153bb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36684c153bb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/environmental-sustainability-key-sticking-point-in-eu-mica-bill\/#%E2%80%9D_Environmental_sustainability_key_sticking_point_in_EU_MiCA_bill_%E2%80%9C\" >&#8221; Environmental sustainability key sticking point in EU MiCA bill &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Environmental_sustainability_key_sticking_point_in_EU_MiCA_bill_%E2%80%9C\"><\/span>&#8221; Environmental sustainability key sticking point in EU MiCA bill &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMTU4N2NlODktY2UzOS00NzZlLTgwYWEtNGNkODQ2ZDBiZTM5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The legal standing of Bitcoin mining in the European Union hinges on the results of a March 14 vote in the European Parliamentary Committee on Markets in Crypto Assets (MiCA).<\/p>\n<p>A controversial line concerning the \u201cminimum environmental sustainability\u201d of crypto mining has been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DrStefanBerger\/status\/1500852921419902991\">reintroduced<\/a> to the bill after previously being taken out. The new line would require blockchain operators to submit a rollout plan detailing how they will come into environmental sustainability compliance. Failure to submit a plan may prohibit coins from being mined or traded in the EU.<\/p>\n<p>Although it is not specifically stated, the bill would directly affect proof-of-work (PoW) chains. PoW is the consensus algorithm used by the Bitcoin network, Ethereum, and several other crypto assets.<\/p>\n<p>However, since Bitcoin (BTC) is decentralized, there can be no rollout plan issued on its behalf. The absence of such a plan may threaten the existence of Bitcoin mining operations across the EU. <\/p>\n<p>The EU accounts for about 12-14% of the global hash power on the Bitcoin network, with Germany and Ireland contributing the majority of that according to last year\u2019s data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ccaf.io\/cbeci\/mining_map\">Cambridge University<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.statista.com\/statistics\/1200477\/bitcoin-mining-by-country\/\">Statista<\/a>. <\/p>\n<p>Concerns over energy consumption and carbon emissions of Bitcoin mining are now at the forefront of the debate over how the EU should regulate it. However, those concerns start to look out of place when faced with the raw data. <\/p>\n<p>According to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/explore-ip.com\/2021-The-Carbon-Emissions-of-Bitcoin-From-an-Investor-Perspective.pdf\">report<\/a> by Frankfurt School last November, as of August 2021, the Bitcoin network annually required 90.86 Terrawatt hours (Tw\/H) of energy. That is about 0.05% of total global consumption.\u00a0The network is responsible for only around 0.08% of the total global carbon emissions, though these metrics are very difficult to calculate accurately.<\/p>\n<p>French MP Pierre Person warned that a prohibition on mining would drive talent and innovation out of the region. He said in a March 12 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pierr_Person\/status\/1502356083175735307\">tweet<\/a> that by banning Bitcoin and Ethereum (ETH), and \u201ccomplicating the use of NFT and DeFi, the European Parliament is mortgaging our monetary and financial sovereignty.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Consolidation and centralization: How Europe\u2019s new AML regulation will affect crypto<\/em><\/strong><\/p>\n<p>If the bill is passed as-is, Ethereum will not be involved for long. The network is expected to complete \u201cThe Merge\u201d at some point this year which will make it a proof-of-stake (PoS) network that will not require physical mining rigs to reach network consensus. There may be more serious ramifications for Bitcoin miners, however. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/environmental-sustainability-key-sticking-point-in-eu-mica-bill\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Environmental sustainability key sticking point in EU MiCA bill &#8220; The legal standing of Bitcoin mining in the European Union hinges on the results of a March 14 vote in the European Parliamentary Committee on Markets in Crypto Assets (MiCA). A controversial line concerning the \u201cminimum environmental sustainability\u201d of crypto mining has been reintroduced&#8230;<\/p>\n","protected":false},"author":1,"featured_media":415814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMTU4N2NlODktY2UzOS00NzZlLTgwYWEtNGNkODQ2ZDBiZTM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77189,28340,72705,70934],"class_list":["post-415813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-policies","tag-europe","tag-european-union","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/415813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=415813"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/415813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/415814"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=415813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=415813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=415813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}