According to the EU’s action plan for the digitalisation of the energy system, released on Tuesday. The European Commission has announced that crypto mining may be forced to stop if the power system needs to be shed, and EU member states must prepare for this.
As pressure on energy supplies in Europe intensifies, the committee wants countries to prepare to reduce electricity consumption by cryptocurrency miners, and in regions forced to reduce electricity load, crypto mining operations may be ordered to stop entirely.
In the longer term, the European Commission also wants EU member states to consider ending the current tax breaks and subsidies for miners who provide proof-of-work.
The European Commission also announced a proposal to introduce a rating system for cryptocurrencies based on the EU’s internal environmental impact, and will work internationally with different standardization bodies to develop energy efficiency labels. As reported yesterday, the European Commission said EU countries should prepare to stop cryptocurrency mining.