The European Parliament’s Committee on Economic and Monetary Affairs (ECON) on Monday has voted against the de-facto proof-of-work ban: 32 against, 24 in favor.
As ZyCrypto reported yesterday, a provision looking to force proof-of-work (PoW) cryptocurrencies like Bitcoin and Ethereum to switch to the more environmentally friendly proof-of-stake (PoS) consensus mechanism was in a draft of Markets in Crypto Assets (MiCA) up for a parliamentary vote today.
The energy-intensive consensus method that underpins prominent cryptocurrencies like Bitcoin and Ethereum is known as proof-of-work. Legislators in the EU have been closely scrutinizing the computing process due to energy issues.
This is a developing story… refresh for updates.
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