No, the EU Will Not Ban Bitcoin Mining
Why this is futile, irrelevant and simply won’t happen
This research was sponsored by Luno, a platform that allows users to buy, save and manage cryptocurrencies.
Earlier this year, a proposal was put forward to the European Parliament to ban all “proof-of-work” (POW) mining in the European Union (EU).
While it was ultimately rejected in a fairly routine and resounding manner, it is clear that certain European lawmakers fully intend to try again at a later stage. So, that being the case, how worried should Bitcoiners in general and miners in particular be if they ultimately succeed?
It’s a fair question, but a logical application of the known facts and an examination of the wider picture allows us to calculate the most likely outcome and impact.
Why bother?
There appear to be two main concerns for lawmakers when it comes to bitcoin from the perspective of this potential ban.
The first, the lesser of the two, has to do with control. Bitcoin, as I have written about in previous articles, sits entirely outside of any direct economic, regulatory or sovereign jurisdiction and politicians, quite naturally, are concerned about how a successful bitcoin implementation will affect their…
