The EU’s Near Miss on a Proof-of-Work Ban

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 15 March 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. Today the European Union Parliament ECON committee voted on an amendment to the Markets in Crypto Assets (MiCA) directive that would have effectively amounted to a ban on proof-of-work chains. NLW breaks down the history and context of the amendment and recaps what happened during the vote. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW _ “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: titoOnz/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	My point is that fundamentally, the key thing that any environmental consideration of Bitcoin
0:06.1	or proof of work is going to rest on is not whether other things consume more energy.
0:10.8	It's whether the energy that Bitcoin does consume in the first place is worth it.
0:16.2	Welcome back to The Breakdown with me, NLW.
0:20.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:26.3	The breakdown is sponsored by nexus.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:33.9	What's going on, guys? It is Monday, March 14th, and today we are discussing the EU's
0:40.4	potential proof of work ban, what was in the legislation and what happened in voting today.
0:47.2	First, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating,
0:51.8	give it a review, or if you want to get deeper into the
0:54.3	conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to
0:59.4	bit.com slash breakdown pod. Finally, a disclosure, as always, in addition to them being a
1:04.9	sponsor of the show, I also work with FTX. So there were two big things that everyone was talking about in the crypto industry
1:12.5	this weekend. The first was that Yuga Labs, the creators of the Bored Ape Yacht Club, had purchased
1:18.3	crypto punks. I think there are a lot of really interesting things to explore there, and we might
1:23.5	get into it later this week. But I'm going to focus today's show on the second thing that
1:28.0	everyone was talking about, which was a classic last-minute insertion of dangerous language
1:33.1	into legislation that was scheduled to be voted upon very soon. The legislation in question was
1:38.3	the Markets in Crypto Assets Directive, or Mika. This is a directive that has been in the European
1:44.0	Parliament in progress
1:45.2	since 2019. And up until recently, there was an anti-proof-of-work provision in the bill that had
1:51.0	caused much consternation. A February 21st draft of Mika that was seen by the bloc had this
	...

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