The European Union released a study detailing Bitcoin and the BTC mining sector and their possible effects on three major areas. The document suggests what numerous individuals in the cryptocurrency sphere are apprehensive about: the area is considering prohibiting Proof-of-Work inside its territory. Additional Information: Europe Targets Cryptocurrency: Newly Established Regulations Classify and Govern Digital Assets and Firms Based Outside of the EU. Is the Legal Status of Bitcoin at Risk? Daniel Batten, a managing partner at CH4 Capital, has stated that the European Commission’s report was developed by the collaboration between the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA). This report scrutinizes Bitcoin, examining various concerns such as its purported detrimental effects on the environment, its potential risk to the energy stability of the area, and its supposed ability to facilitate illegal activities. These accusations have been continuously echoed by government authorities and institutions ever since the inception of Bitcoin. Nonetheless, it seems that the European Union is close to making a move to completely prohibit Proof-of-Work (PoW). Batten, along with various influential figures and charitable groups that utilize Bitcoin in regions under authoritarian regimes, have criticized this development. Batten is of the opinion that although the regulation will primarily impact the European area, he anticipates that all cryptocurrencies will experience negative consequences as a result of this newly introduced law. The European Securities and Markets Authority (ESMA), which collaborates extensively with the European Central Bank (ECB), has indicated that after the report is approved in the European Union, they intend to advocate for its adoption as the norm internationally. Similar to other conflicts, this war originates in the European Union but has the potential to spread beyond its borders. Accordingly, it’s possible that other significant global economies might take a cue and try to outlaw Bitcoin and Bitcoin mining by declaring proof of work (PoW) illegal.