EU rejects amendment that would ban Bitcoin, Ethereum, and other inefficient crypto

[WYP]

The EU could have set the stage for a ban on Proof of Work cryptocurrencies. They didn't.



Read more about the EU rejecting an amendment that could have banned Proof of Work crypto.

 

[ET3D]

It's worth noting that the reason mining takes so much power is because difficulty rises the more people participate in the blockchain calculation at the same time. So it's inherent to the concept of mining, not to the particular calculations performed by the algorithm. Simply put, the more successful a coin is, the more power it will use.

 

[grec]

It's worth noting that the reason mining takes so much power is because difficulty rises the more people participate in the blockchain calculation at the same time. So it's inherent to the concept of mining, not to the particular calculations performed by the algorithm. Simply put, the more successful a coin is, the more power it will use.

Depends a little on which algorithm you mean. Changing the cryptographic hashing algorithm PoW uses (Eg Changing from BTC's SHA-256 to something else, as Litecoin ect did), as you say, doesn't solve the problem you mentioned.

Changing the consensus algorithm from PoW to PoS, does solve the issue of steep scaling though, and removes the concept of mining. With PoS the scaling should be more akin to that of a traditional servers resource scaling with number of users, in fact research suggests full size PoS transactional systems would be more energy efficient than our current banking systems.

 

[ET3D]

removes the concept of mining.

Yes, although I was talking about the concept of mining, and the news article also was about PoW. I think it's common knowledge that PoS doesn't share this problem.