In the past week, an explanation made by Mariya Gabriel, European Digital Economy and Society Commissioner of Europe, noted: Crypto money mining is a completely legal practice in Europe and only applies to standard electricity consumption rules.
Gabriel said that if the electricity used for crypto money mining is produced in a legal way, it is not a legal ground for any restrictions or prohibitions. Gabriel explained that the crypto money mining is a legal activity and therefore the commission does not operate any follow-up mechanism on this issue. Gabriel, however, said that as an electricity consuming economic activity, the crypto money mining must comply with the European Union – energy efficiency, energy sector and greenhouse gas emissions – and that its commissions will continue to examine the impact of the crypto money mining on electricity consumption and demand added.
It is unclear how large a crypto money mining operation is on the European Union. Mining activities are now intensively in China, but with new regulations that the government is after, it seems to change in this case.
According to a report in the Washington Post, Iceland, which produces all its energy needs with its own hydroelectric power plants, has crypto-money mining operations that demand more energy than the island’s own resources can support. Iceland is not a full member of the EU, but it is part of the European Economic Area.
Experts say that bitcoin mining consumed 0.14 percent of world electricity production. Some initiatives in this industry have sought to produce their own electricity with renewable energy sources.Tags: banned crypto electricity europe money