European Commission warns of a potential suspension of crypto mining in the EU

The European Commission said that the EU member states should prepare for a suspension of cryptocurrency mining, “if there is a need to shed load on electricity grids.” This comes from the department’s published plan for the digitalisation of the energy sector.

The European Commission also insists on removing tax breaks and other incentives for mining companies that specialise in the Proof-of-Work algorithm.

It also proposed creating a rating system for cryptocurrencies, in light of the environmental impact of their mining.

As an example of positive shifts in the crypto industry, EU leaders cited The Merge in Ethereum, by which the network of the second-largest cryptocurrency by market capitalisation changed its algorithm to a more eco-friendly one.

Earlier, the vice-chair of the European Securities and Markets Authority, Eric Teden called for banning Bitcoin mining and other cryptocurrencies that run on the Proof-of-Work algorithm.

COM_2022_552_1_EN_ACT_part1_v6 by ForkLog on Scribd

Read ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.