info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Europe To Implement Measures Regulating Crypto Mining Amidst Energy Crisis

By Aarti Dhapte , 31 October, 2022

The European Union (EU) made available a set of documents relating to an implementation action plan for the European Green Deal and the REPowerEU Plan, both of which aim to reduce energy consumption through digitizing the energy industry. Crypto miners and many other energy consumers are targets for European energy planners.

Energy demand for cryptocurrency mining has doubled over the past two years, according to a communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, and the Committee of the Regions.

Energy prices have been soaring, and the energy demand in Europe has gone exponentially high over the past few months. In light of the above, the European Commission, the executive arm of the EU, is considering banning crypto mining from saving energy.

The European Commission is urging member states to implement targeted and proportionate measures to lower the electricity consumption of crypto-asset miners in a longer-term perspective by putting an end to tax breaks and other fiscal measures benefiting crypto-miners owing to the tight energy situation this winter caused by disruptions in Russian energy supplies.

The invasion of Ukraine can have severe repercussions for cryptocurrencies, especially Bitcoin. News reports suggest that mining cryptocurrencies consume 0.4 percent of the world's electricity, thrice what the Bitcoin Mining Council acknowledges. The European Commission has stated to this effect criticizing the energy consumption of cryptocurrencies and lauding Ethereum, which now consumes 99 percent less energy.

Projected Electricity Generation Worldwide To 2050

2050.jpg

Latest News

Hydrogen-Trains-2024.jpg
Hydrogen Trains in 2024 to Drive Sustainability

Hydrogen trains signify an essential development in the world's efforts to decarbonize transport. А Hydrogen-powered trains emerged as the fastest way of mobility, with specific coverage and significant developments in several areas, signifying a…

Read More

Mexico-Energy-Sector.jpg
Mexico Energy Sector aims to Expand Clean Energy Transition by 2030

Mexico is progressing rapidly in the renewable energy sector, envisioning double its production by 2030. By 2024, 35% of electricity should come from clean sources, compared to 29% in 2022. With a focus on solar, geothermal, wind, and hydroelectric…

Read More

-CLEANERGY-IN-US.jpg
With Surge in Nuclear Power, Texas Positions itself as Clean Energy Leader

Nuclear energy has been gaining traction in the global market, as have its requirements from big corporations. Texas has begun its revival phase as one of the front-runners in this new economic race. An expanding demand for nuclear energy…

Read More

SMR-2024.jpg
Small Nuclear Reactors may Help in the Progress of Clean Energy Transformation

A transformation is occurring globally in the pattern of energy sources with the rise of small nuclear reactors (SMRs) as the solution to clean, secure, and cost-effective energy. These power-efficient and small-sized reactors are becoming popular…

Read More

UK-FUEL-PRICE-2024.jpg
High Cost of Uk Gasoline Prices Fuels Debate

In the past few weeks, the fuel price in the UK has dropped a bit, but it is still expensive for drivers. From 143.15p per liter, unleaded gasoline primarily sells for 136.15p as of last week, while diesel has remained around 141p per Liter. However…

Read More

Author Pic
Aarti Dhapte

Team Lead - Research