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EU wants to paralyze cryptocurrency mining in case of emergencies

Europe is discussing the rules for conservation and transition to clean energy. | Font: spill

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European Union is currently discussing measures against cryptocurrency mining to avoid more pollution and provide energy for the harsh winter that will devastate the continent.

The responsible commission is developing options for action against this activity, which has caused a huge surge in consumption around the world.

energy for home

booty cryptocurrencies This forces users to create large mining farms that consume large amounts of energy, even causing power outages in surrounding areas.

But Union European It is clear that this activity is not among the main ones, so they began to question it as part of the “Digitalization of the Energy System” action plan, where they began to propose regulations for “energy saving, supply diversification”. and accelerate the transition from Europe to clean energy.”

“The Commission calls on Member States to take specific and proportionate measures to reduce the electricity consumption of cryptocurrency miners, in accordance with the proposal for a Council Regulation on emergency intervention to combat high energy prices,” the message says.

“And, in the longer term, remove tax incentives (and other tax measures) currently in place in some Member States that benefit cryptocurrency miners. In the event that load shedding is needed in electrical systems, Member States should also be prepared to stop mining cryptoassets,” he says.

stop production

At the moment, one of the key points that is requested is the complete cessation of mining in the territories in the event of an energy emergency, which is expected soon due to the approaching winter.

The Commission notes that 10% of computing power is dedicated to mining. cryptocurrencies, with Germany and Ireland in the lead. But he also notes that “mining is not mandatory for blockchain technology.” He uses the example of Ethereum, a currency that was previously mined but changed its model to proof of stake, where mining is based on investment. cryptocurrencies instead of creating physical farms.

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Source: RPP

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