So the hype around the EU voting to ban proof of work mining and by extension the production of bitcoin on the continent turned out to be a nothing burger. They could not get a majority to agree to ban it so it will remain in operation, however, with souring costs of energy in the region, it will be slightly costlier to acquire bitcoin mining in EU nations.
This means that less bitcoin could be minted in the EU and more will be minted in other countries. Sure EU citizens can still purchase bitcoin and bring it into their nations for whatever use they feel like, so either way, it doesn't really matter.
The EU is just another one of these regulatory bodies that spend time gaslighting their own self-importance and do very little for the common man, except add layers of complexity to people's lives and business operations.
What will the EU vote on next?
Now that mining has been "handled" EU Parliament voted on a proposal that sought to create a legislative framework for digital assets that reside in EU nations.
So expect regulations to be voted on with regard to the trading, mining, and use of bitcoin in the region. The Markets in Crypto Assets (MiCA) bill, which failed had 126 articles and a plan for regulating crypto assets within the EU. So expect some of those points to be pulled out and added to a new bill.
They're not going to let this one go, and of course, it will always be on the side of limiting people's freedoms and impacting effective commerce.
Why POW is the hot topic
Proof of work is energy-intensive and to remain competitive you need to expend more and more energy. While the energy burned mints bitcoin and expands the bitcoin economy and provides value to those who live within its bounds and interact with it.
Many don't see it that way, they see it as a waste of energy, yet there are no issues with silly expenditure on energy like Christmas lights or all of the other contraptions we don't need like Alexa's and smart home bullshit.
The point is political parasites don't see value in enforcing a rules-based system they cannot corrupt with the energy they don't even produce.
The energy use provides demand, competing with people who cannot afford the higher energy costs, but this is not a function of bitcoin. This is a function of poor central planning and a lack of supply for growing demand.
Bitcoiners don't just steal energy, they're paying to use it like everyone else, they are competing for the resources. And in any resource industry if there is more demand, people will rush in to create supply so they can profit, but since energy production is such a politicized industry adding new supply isn't easy.
EU self-inflicted energy crisis
The big talking point is the sanctions with Russia, and how this will affect energy markets, as supply tightens due to reliance on Russia and their willingness to feed the west so too will prices move up as people and businesses in EU nations compete for that shrinking supply.
In addition, the EU has had their dick hard for ESG for so long, offshoring a lot off their carbon-heavy needs to other countries so they can look good on bullshit ESG reports as well as shutting down energy production like coal, gas, and nuclear in their EU member countries.
Coupled with the total malinvestment in solar and wind that simply will never generate reliable energy and you have a recipe for an energy right market ripe for tipping over to drive massive inflation as energy costs bid up all goods and services.
Sources
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Safely Store Your Crypto | Deposit $100 & Earn $10 | Earn Interest On Crypto |
|---|---|---|
 |  |  |
Posted Using LeoFinance Beta
I think it's really telling that bitcoin is seen as problematic because of the energy consumption. But as you write, the value it brings is not talked about at all. And I completely agree with you, people consume energy on all kinds of 'unnecessary' things like Christmas lights.
Yes EU is a nightmare when it comes to its bureaucracy but I still think it has also brought something good. The freedom of movement is something I really appreciate, it's so easy and hassle-free to move to any EU country. But of course, much of what the EU does could preferably be stripped-down.
There's always going to be a reason to hate bitcoin, I have accepted this, its all used to manufacture consent from those who have not bothered to do their research. So you have this army of people citing some random paper from a Danish chick that says oh bitcoin wastes energy and no one questions it or even reads it because her assumptions are a stretch of note. Assuming that energy output scales linear with transactions and Users on the network, it's so elementary it's laughable.
I would agree with you there, I think that countries in the EU require more independence, so let's say for example bitcoin or GDPR, why does everyone have to comply, some can, others don't, this creates jurisdictional advantages and those that made the best decisions win. If everyone has to side with consensus, Germany and France always win.
The EU is a shithole when it comes to so many things like energy. They claim they are high and mighty but just pump in the energy via countries that are outside of it. It makes me sick how pompous they are lol.
Posted Using LeoFinance Beta
Lol they are what the United States would be if states didn't have state independence and citizens don't have guns, so you all go along with what is beneficial for Germany and France, imagine if the whole of the US had to listen to everything California and New York had to say, it would be such a shit show
Yeah no kidding, more states are joining those ranks too. It’s crazy how foolish people are.
What’s even funnier about California is that they have dozens of active oil Wells throughout LA! They claim they are high and mighty but fucking pump oil out just like a drug addict. It’s hilarious and scary how foolish people can be.
Posted Using LeoFinance Beta
Congratulations @chekohler! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 280000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!