Is the European Union preparing to block mining?

  • 12:18 Oct 19, 2022
Is the European Union preparing to block mining?

Problems with the region's electricity supply have led to the European Commission raising the issue of the readiness to block cryptocurrency mining.

Information has emerged about measures to develop energy efficiency labeling for blockchain networks. It is caused by disruptions in the gas supply from Russia, which forces EU authorities to look for insurance in case of a complete shutdown. Resource shortages can lead to blackouts. In case of unforeseen situations, the European Commission urges the EU member states to have the ability to quickly and completely stop mining.

At the same time, the authorities are ready to take several regulatory measures in the energetic field. The primary task is to control the sphere of cryptocurrencies. Obligatory is the termination of benefits and other support for miners.

According to the European Commission representative, the energy consumption growth for cryptocurrency mining was 900% in five years. In 2025, new steps for digital currency mining regulation will occur. Officials are confident that the PoW algorithm is unviable and needs to be replaced.

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