European Union Votes on New Bitcoin Mining Proposal

The European Green Party, which had previously proposed restrictions on Bitcoin's proof-of-work (PoW) mining but failed, has been voted down by European Union (EU) lawmakers in favor of research on alternative techniques to mining the new cryptocurrency.

Green Party's Bitcoin Mining Proposal Rejected European Union (EU) lawmakers voted down a Green Party proposal to explore alternatives to proof-of-work (PoW) mining, which supports cryptocurrency leader Bitcoin. This Green Party proposal was rejected in the vote. The Green Party's new effort comes in the wake of an attempt by some members of the European Parliament to impose curbs on the PoW consensus mechanism, which some have characterized as a Bitcoin ban. Ernest Urtasun, a Spanish member of the European Union parliament's Green group, said in a statement that he was "disappointed" that leading MEP Stéphanie Yon-Courtin withdrew her support for the proposal. Ernest Urtasun noted that the proposal in question was worth 800,000 euros and that this public payment included the search for alternatives to Bitcoin mining. After the rejected proposal, Urtasun added that there is evidence that crypto assets could cause significant damage to the climate and environment in the future. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!