• Market Cap: $1,085,274,520,603.34
  • 24h Vol: $80,817,491,732.31
  • BTC Dominance: 45.82%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

ECB report likens PoW to fossil fuel cars, PoS to electric vehicles

Jon Hartney by Jon Hartney
July 15, 2022
in Bitcoin, Blockchain, Business, Market
0
ECB report likens PoW to fossil fuel cars, PoS to electric vehicles
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

European Central Bank researchers anticipate a clash between the green transition policies and Bitcoin investors.

Amid the soaring inflation, the European Central Bank (ECB) has found time to sum up its concerns about the “significant carbon footprint” of Bitcoin (BTC) and other cryptocurrencies, which require vast amounts of computational power. 

ECB published the report titled “Mining the environment – is climate risk priced into crypto-assets?” on July 12. In the report, the ECB research group reinforces the environmental narrative about the battle of protocols, where the proof-of-work (PoW) concept represents a threat to the planet. In contrast, the proof-of-stake (PoS) is the only sustainable crypto option, experts argue.

Related articles

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023

The article compares the amount of consumed energy by Bitcoin to the yearly energy consumption of individual countries, such as Spain, the Netherlands and Austria. It claims that the combined carbon footprint for Bitcoin and Ether (ETH) negates past the greenhouse gas (GHG) emission savings for most Eurozone countries as of May 2022.

As the main reason behind the significant energy consumption lies in the PoW consensus mechanism, authors deem both Bitcoin and tokens based on the Ethereum blockchain, including stablecoins like Tether (USDT), as particularly non-sustainable and putting the whole green transition project at risk. In July, Ethereum completed a significant trial for the Merge on the Sepolia testnet, pushing the platform nearer to the shift to the PoS consensus mechanism.

Related: NYC Mayor Eric Adams speaks out against PoW mining ban legislation

At some point, the article sharpens the tension between the green transition goals and crypto in large up to the point of a possible war. Political and social choices on energy sources and energy consumption levels could lead policymakers to privilege certain productive activities, which, in turn, would bring risks for crypto-assets valuation.

According to the report, the benefit of Bitcoin for society is doubtful, and thus:

“It is difficult to see how authorities could opt to ban petrol cars over a transition period but turn a blind eye to bitcoin-type assets built on PoW technology.”

In a further car analogy, the report claims the PoS is the crypto version of the electric vehicle and an obvious candidate for policymakers’ incentivization. 

Last week the ECB released a report analyzing the growth of the cryptocurrency market over the past decade and the risks it poses to the existing financial system. It concluded that a lack of regulatory oversight added to the recent downfall of algorithmic stablecoins ecosystems such as Terra (LUNA), indicating the contagion effects such stablecoins could have on the financial system.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

by Jon Hartney
June 9, 2023
0

The company cited the SEC’s actions against Coinbase and Binance as reasons for the delisting, saying the lawsuits

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023
SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023
  • Robinhood will end support for 3 tokens named in SEC lawsuits June 9, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,638.00-3.79%
  • ethereumEthereum(ETH)$1,739.92-5.69%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$237.01-8.85%
  • usd-coinUSD Coin(USDC)$1.000.00%
  • rippleXRP(XRP)$0.494363-6.56%
  • staked-etherLido Staked Ether(STETH)$1,737.73-5.74%
  • cardanoCardano(ADA)$0.237591-24.83%
  • dogecoinDogecoin(DOGE)$0.059567-12.50%
  • tronTRON(TRX)$0.068384-12.21%
  • solanaSolana(SOL)$14.54-23.48%
  • litecoinLitecoin(LTC)$76.92-12.92%
  • polkadotPolkadot(DOT)$4.44-11.48%
  • matic-networkPolygon(MATIC)$0.57-27.14%
  • binance-usdBinance USD(BUSD)$1.00-0.10%
  • daiDai(DAI)$1.000.10%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,654.00-3.76%
  • avalanche-2Avalanche(AVAX)$11.41-17.93%
  • shiba-inuShiba Inu(SHIB)$0.000006-18.86%
  • leo-tokenLEO Token(LEO)$3.52-1.01%
  • uniswapUniswap(UNI)$3.95-14.33%
  • chainlinkChainlink(LINK)$5.03-16.00%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • okbOKB(OKB)$41.53-7.69%
  • moneroMonero(XMR)$136.20-4.73%
  • cosmosCosmos Hub(ATOM)$7.75-17.11%
  • stellarStellar(XLM)$0.081324-6.69%
  • ToncoinToncoin(TON)$1.47-12.51%
  • ethereum-classicEthereum Classic(ETC)$14.47-15.05%
  • true-usdTrueUSD(TUSD)$1.00-0.11%
  • bitcoin-cashBitcoin Cash(BCH)$100.38-9.59%
  • internet-computerInternet Computer(ICP)$3.77-10.36%
  • lido-daoLido DAO(LDO)$1.82-18.16%
  • quant-networkQuant(QNT)$102.89-6.29%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.33-18.69%
  • hedera-hashgraphHedera(HBAR)$0.043532-11.29%
  • crypto-com-chainCronos(CRO)$0.051347-12.18%
  • ArbitrumArbitrum(ARB)$1.01-11.32%
  • AptosAptos(APT)$5.95-22.87%
  • nearNEAR Protocol(NEAR)$1.21-14.58%
  • vechainVeChain(VET)$0.014791-14.63%
  • paxos-standardPax Dollar(USDP)$1.00-0.10%
  • fraxFrax(FRAX)$1.000.03%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.3467.25%
  • the-graphThe Graph(GRT)$0.095598-14.74%
  • rocket-poolRocket Pool(RPL)$43.90-7.82%
  • apecoinApeCoin(APE)$2.32-20.42%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,868.42-5.75%
  • algorandAlgorand(ALGO)$0.107010-14.24%
  • elrond-erd-2MultiversX(EGLD)$30.13-13.53%
  • render-tokenRender(RNDR)$2.07-10.17%
  • aaveAave(AAVE)$52.52-12.37%
  • usddUSDD(USDD)$1.00-0.19%
  • eosEOS(EOS)$0.67-24.89%
  • the-sandboxThe Sandbox(SAND)$0.377207-22.08%
  • optimismOptimism(OP)$1.09-21.32%
  • blockstackStacks(STX)$0.52-17.47%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.72-2.22%
  • Bitget TokenBitget Token(BGB)$0.481434-1.53%
  • tezosTezos(XTZ)$0.71-15.15%
  • fantomFantom(FTM)$0.238003-19.35%
  • BitDAOBitDAO(BIT)$0.442060-7.78%
  • theta-tokenTheta Network(THETA)$0.64-16.88%
  • radixRadix(XRD)$0.061980-7.98%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.336347-20.01%
  • kucoin-sharesKuCoin(KCS)$6.31-6.38%
  • immutable-xImmutableX(IMX)$0.60-17.50%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.11%
  • axie-infinityAxie Infinity(AXS)$4.89-21.47%
  • havvenSynthetix Network(SNX)$1.77-14.03%
  • curve-dao-tokenCurve DAO(CRV)$0.64-16.10%
  • makerMaker(MKR)$589.15-6.01%
  • neoNEO(NEO)$7.44-18.92%
  • flowFlow(FLOW)$0.51-19.44%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • terra-lunaTerra Luna Classic(LUNC)$0.000087-11.47%
  • gatechain-tokenGate(GT)$3.63-11.91%
  • galaGALA(GALA)$0.020534-20.55%
  • bittorrentBitTorrent(BTT)$0.000001-1.36%
  • pax-goldPAX Gold(PAXG)$1,909.59-1.19%
  • tether-goldTether Gold(XAUT)$1,961.60-0.18%
  • xdce-crowd-saleXDC Network(XDC)$0.034626-3.18%
  • bitcoin-cash-svBitcoin SV(BSV)$24.57-18.53%
  • injective-protocolInjective(INJ)$5.93-15.59%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • Tokenize XchangeTokenize Xchange(TKX)$5.73-7.05%
  • casper-networkCasper Network(CSPR)$0.041218-6.20%
  • compound-ethercETH(CETH)$34.93-5.74%
  • klay-tokenKlaytn(KLAY)$0.146322-11.27%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • kavaKava(KAVA)$0.78-17.47%
  • huobi-tokenHuobi(HT)$2.68-6.44%
  • iotaIOTA(MIOTA)$0.152529-14.67%
  • PepePepe(PEPE)$0.000001-16.15%
  • compound-usd-coincUSDC(CUSDC)$0.0228830.08%
  • gmxGMX(GMX)$45.14-12.69%