The European Union scrapped language from the Markets in Crypto Assets(MiCA) legislation that would have effectively banned consensus proof-of-work mechanisms, in other words, Bitcoin and math.
Details On The MiCA Legislation
- Stefan Berger, the European Parliament member in charge of driving the bill dubbed the Markets in Crypto Assets (MiCA) legislation, confirmed the language’s removal on Tuesday.
- The law intends to create wide governance of the cryptocurrency business, including the establishment of a licensing regime for service providers and the establishment of stablecoin regulations.
- EU parliamentarians attempted to prohibit the networks beginning in January 2025 because of their high energy consumption, but the Feb. 28 decision was postponed indefinitely due to reaction.
- Bitcoin’s high energy consumption has been a source of concern in the face of a worldwide drive toward decarbonization.
- When compared to other nations, the University of Cambridge rates Bitcoin’s overall energy use as the 27th highest, followed by Ukraine at the 28th spot.
- The EU has not established a new deadline for the pending MiCA legislation to be voted on.
Bitcoin Doesn’t Care
Many commonly refer to Bitcoin as the ”Honey Badger’ and rightfully so. The tenacious animal can take unimaginable abuse and just keep coming. Despite its size and outside perception, the honey badger has no fear of falling into a pit of lions.
Since its inception, Bitcoin has been pronounced dead over 400 times. The bitcoin-honey badger displays the old adage from Gandhi:
“First they ignore you, then they
laugh at you, then they fight you,
then you win.” —Mahatma Ghandi
The lions and onlookers, like the authoritarians, central bankers, and ”Web3 Venture Capitalists” see Bitcoin as out of its league, and easy prey. As the conflict progresses the lions find they picked a fight with the wrong dude.
Every attack on the Bitcoin network in its 13-year history has made it stronger. From the “Blocksize Wars” to multiple nation-state attacks.
Despite the mining exodus from China, the network is stronger than ever with a record-high 214.62 EH/s according to Slushpool. To the FUDster’s dismay, coins on exchanges are at record lows.
Eventually, the lions had to turn tail and run, despite their numbers, despite their size, despite their power, despite holding the throne as king of the jungle. They are the ones who capitulated, not the honey badger. Despite the countless false obituaries, bans, and unending FUD, Bitcoin sits at $39.5K on the day the EU was supposed to ”kill” it.
“An idea whose time has come cannot be stopped by any army or any government”—Ron Paul
Bitcoin will not stop, it is relentless. The network will not stop, it is relentless. The real question is, when do the lions capitulate?
