EU proxies rejected the proposal for green crypto mining.
After the Green Party failed to impose restrictions on the proof-of-work algorithm, it began working on mining techniques.
EU MPs Reject Proposal
EU lawmakers rejected the Green Party’s proposal to explore alternatives to Bitcoin mining.
The Green Party’s effort followed attempts by some members of the European Parliament to ban proof-of-work consensus.
Ernest Urtasun, a Spanish member of parliament’s Greens committee, told the Economic and Monetary Affairs Committee he was disappointed that the proposal was rejected.
Urtasun stated that the proposal did not interfere in any way with the legislation known as the Crypto Asset Markets Regulation (MiCA).
Urtasun said that before the vote took place, the proposal was designed as a continuation of the European Commission’s crypto work.
In the proposal submitted, 800,000 euros were devoted to developing a scientific method for cryptocurrency mining. According to Urtasun, there is evidence that crypto assets can cause significant damage to the climate and environment.
Urtasun intended to link the current plan to discussions on how the EU’s general budget should be spent.
