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DOMAINS TOKEN-G

Ronald Maguire

19 April 2022 188 Read Crypto , Bitcoin

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Sweden Wants PoW Mining Banned

The Swedish government requests the European Union to ban the energy-intensive mining of Bitcoin. The prohibition of mining with the Proof of Work mechanism was discussed between the European Union authorities and the Swedish government. At a time when energy consumption urgently needs to be reduced to combat climate change, there are countries that want Bitcoin mining banned in Europe.

Cryptocurrencies Switch to PoS

One of the ideas in the discussion is that Bitcoin, like other cryptocurrencies, should move from the PoW consensus mechanism to PoS. Thanks to PoW, peer-to-peer cryptocurrency transactions can be done securely without the need for third-party intervention. Proof of Stake is a consensus mechanism developed to replace proof of work.

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