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
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