The bank has published a new paper on crypto’s energy consumption, this time likening PoW to fossil fuel cars and PoS to electric vehicles.
The European Central Bank has voiced concerns about the significant carbon footprint of Proof-of-Work mining while hinting at a possible ban on such crypto assets, including Bitcoin, by 2025.earlier this week, the bank’s researchers argued that Bitcoin and Ethereum have a significant carbon footprint and consume similar amounts of energy annually to mid-sized countries, such as Spain and Austria, every year.
“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.” Nonetheless, the paper stated that transitioning to renewable energy requires political and social choices on energy sources and consumption. According to the experts, such decisions from policymakers would favor some activities and pose risks to the value of crypto assets.
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