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.
Aarti Dhapte
Team Lead - Research
The most advanced graphic cards Nvidia’s are selling more than $40,000 on eBay, as demand rises for chips to train and deploy the artificial intelligence software. In March 2023, the company has announced several initiatives to broaden it reach in…
With rising market on the newly launched ChatGPT, there has been some rumours that Google has copied Microsoft-owned OpenAI’s ChatGPT to train its AI chatbot called Bard. However, Google denied the reports of doing anything like this kind.
According…
The United States economy adds up jobs quicker in March 2023. With this, the unemployment rate goes down to 3.5 percent. This signs persistent labor market closeness, which would witness the Federal Reserve raising interest rates again in May 2023.
…
Walt Disney is supposed to lay off thousands of more workers this week as it wants to slash 7000 jobs by the summer 2023. This marks second round of job cuts after a first round that began in March 2023.
Life expectancy has increased all around the world and the gap between highly developed countries and rest of the world is gradually diminishing day by day. There are multiple factors leading to the global progress with good access to sanitation,…