EU Not Considering Banning Bitcoin Mining Due to “Loss of Energy”

Cryptocurrency mining is completely legal in Europe and is subject only to standard electricity regulations, according to the EU delegate.

Maria Gabriel, a member of the European Commission for Digital Economy and Society, published last week in her statement. He clarified current industry regulations, voicing concerns about the power-intensive nature of cryptocurrency mining. there is no legal basis to prohibit or limit it… Cryptocurrency mining is not an illegal activity, and so far the Commission has not taken any action to monitor it.”

However, as mining is an economic activity that consumes electricity, He added that the EU is bound by “energy efficiency, energy sector and greenhouse gas emissions” laws. He said he will continue to examine its growing impact on energy consumption and demand.

As mentioned by the delegate, it is unclear how much Bitcoin is currently mined in the EU.

Gabriel, He said mining activities in China continue despite indications that regulators will act to keep the industry unturned.. “However, we cannot ignore the fact that cryptocurrency is being mined in the EU,” he said. There are too many prospective mining projects. Iceland isn’t exactly a member of the EU, however, but is part of the European Economic Area.

Experts have noted that Bitcoin mining consumes around 0.14 percent of the world’s electricity supply – in the name of sustainable energy solutions for some in the blockchain industry. creates a strong incentive.

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