With the EU set to vote on the landmark MiCA bill today, some are concerned about a last-minute addition requiring PoW chains like Bitcoin to show “minimum environmental sustainability” or risk the consequences.
. The new line would require blockchain operators to submit a rollout plan detailing how they will come into environmental sustainability compliance. Failure to submit a plan may prohibit coins from being mined or traded in the EU.
Although it is not specifically stated, the bill would directly affect proof-of-work chains. PoW is the consensus algorithm used by the Bitcoin network, Ethereum, and several other crypto assets. However, since Bitcoin is decentralized, there can be no rollout plan issued on its behalf. The absence of such a plan may threaten the existence of Bitcoin mining operations across the EU.
The EU accounts for about 12-14% of the global hash power on the Bitcoin network, with Germany and Ireland contributing the majority of that according to last year’s data from
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