EU Countries Must Be Ready To Stop Mining -Says Commission

EU countries must be ready to stop cryptocurrency mining, says the Commission.

European Union members must be prepared to stop cryptocurrency mining, the European Commission, the executive arm responsible for the introduction of the new legislation, said today, as the eurozone prepares for a change uncertain rno.

The EU is also developing an energy efficiency label for blockchains as disruption of gas supplies by Russia will lead to high energy prices, blackouts and shortages

“In the event that it is necessary to reduce the load on electrical systems, even member states must be prepared to stop cryptocurrency mining,” the commission said in a paper published today.

Load reduction occurs when power companies deliberately disconnect power to a specific group of users to avoid the collapse of the entire grid.

EU Countries Must Be Ready To Stop Mining

“In the coming months and years, the Commission intends to adopt various measures to strengthen digital energy services while ensuring an energy efficient IT sector, including… an energy efficiency label for blockchains,” the commission added.

Long-term, “it is also crucial to end the tax breaks and other tax measures in favor of crypto-miners currently in force in some member states”
⚡️Cryptocurrencies’ energy consumption has increased 900% in five years, reaching about 0.4% of the world’s electricity consumption, the commission said, promising another report on the subject by 2025 that could be resolved sending additional measures to reduce cryptocurrencies’ energy use

Source 🔥🚫EU countries must be ready to stop cryptocurrency mining, says the Commission.

List of EU countries

The countries of the European Union (EU) are:

1. Austria
2. Belgium
3. Bulgaria
4. Croatia
5. Cyprus*
6. Czech Republic
7. Denmark
8. Estonia
9. Finland
10. France
11. Germany
12. Greece
13. Hungary
14. Ireland
15. Italy
16. Latvia
17. Lithuania
18. Luxembourg
19. Malta
20. The Netherlands
21. Poland
22. Portugal
23. Romania
24. Slovakia
25. Slovenia
26. Spain
27. Sweden

The countries of the EU also include:

1. the Åland Islands
2. the Azores
3. the Canary Islands
4. French Guiana
5. Gibraltar
6. Guadeloupe
7. Madeira
8. Martinique
9. Mayotte
10. Réunion
11. Saint Martin

Mining Alternative For EU Countries

POA

Power of Authority. In this process blocks and transactions are verified by the authorized individual.

CBDC

Central Bank is authorized for validating the transaction.

ONE Ecosystem

Private company and some specified authority verify the transaction.

POS

BNB, ADA, etc using power of stake concept for transaction verification.

ETH is moving from POW to POS for becoming energy efficient.