The Energy System Benefits From Bitcoin Mining Today

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Illiteracy is a peril of the trade for anyone working in the technology sector. New technologies tend to be met with resistance until they’re broadly understood, and sadly, policymakers and regulators are frequently guilty of the most egregious tech illiteracy — stopping innovation in its tracks while they play catch-up.

Every month there’s another facepalm-inducing moment. In January, it was the turn of Erik Thedéen, the vice-chair of the European Securities and Markets Authority, who used an interview with The Financial Times to call for an EU ban on all proof-of-work mining (the method by which new bitcoin is issued).