No Ban on Crypto mining by European Union

The European Parliament's Committee on Economic and Monetary Affairs voted down the MiCA measure on March 14, 2022 (Monday), providing comfort to crypto miners.

The MiCA bill (Markets in Crypto Assets) was written with the intention of outlawing proof-of-work cryptocurrencies in the Eurozone.

The bill included 126 articles that covered nearly all current crypto-related topics, including as prominent cryptocurrencies, stablecoins, mining operators, trading platforms, CBDC, NFT, and DeFi.

The operation of cryptocurrencies based on PoW systems necessitates a significant quantity of energy. As a result, PoW is regarded as damaging to the ecosystem.

There was a popular desire for a mining prohibition from environment-friendly groups. The PoW method is also used by popular cryptocurrencies like Bitcoin and Ethereum, therefore banning it would have made mining these cryptocurrencies difficult in Europe.

However, due to the huge popularity of Bitcoin and growing online demonstrations over the proposed mining restriction, MiCA had to be abolished.

Because the majority of members were not present for the vote, MiCA was rejected by a small vote margin of 32 to 24.