The Energy System Benefits From Bitcoin Mining

Illiteracy is an occupational hazard for anyone working in the tech sector. New technologies tend to meet resistance until they are widely understood, and sadly, policymakers and regulators are often guilty of the most egregious technological illiteracy: stopping innovation dead in its tracks while trying to catch up.

Every month there is another palm-inducing moment. In January, it was the turn of Erik Thedéen, Vice President of the European Securities and Markets Authority, who took advantage of an interview with financial time call for an EU ban in all proof-of-work mining (the method by which a new bitcoin is issued).