Share this article
EU Countries Must Be Ready to Block Crypto Mining, Commission Says
The European Union's executive arm also wants blockchains to show energy-efficiency labels and to end crypto tax breaks.
Updated Apr 9, 2024, 11:18 p.m. Published Oct 18, 2022, 1:33 p.m.
Members of the European Union must be ready to block crypto mining, the European Commission, the bloc's executive arm responsible for introducing new legislation, said Tuesday as the region prepares for an uncertain winter.
The EU is also developing an energy-efficiency label for blockchains as the disruption of gas supplies from Russia leave some fearing high energy prices, blackouts and shortages.
STORY CONTINUES BELOW
“In case, there is a need for load shedding in the electricity systems, the [EU] member states must also be ready to stop crypto-assets mining,” the commission said in a document published Tuesday. Load shedding is when energy companies deliberately switch off supply to a certain set of users to avoid the entire grid toppling.
“In the coming months and years, the Commission intends to take various steps to boost digital energy services while ensuring an energy-efficient ICT (information and communication technologies) sector, including … an energy-efficiency label for blockchains,” the commission added.
In the long term, “it is also crucial to put an end to tax breaks and other fiscal measures benefitting crypto miners currently in force in certain member states,” the commission said.
The energy consumption of crypto has increased 900% over five years, reaching around 0.4% of worldwide electricity use, the commission said, promising another report on the topic by 2025 that could recommend further measures to cut crypto's energy use. Europe represents 10% of global proof-of-work mining, it added.
Officials have taken a keen interest the energy consumption of proof-of-work technology that channels computing power to mine new bitcoin. EU lawmakers came close to amending crypto laws to impose what some characterized as a bitcoin ban, while in the U.S., the White House has called for new industry standards.
Read more: Proposal Limiting Proof-of-Work Is Rejected in EU Parliament Committee Vote
UPDATE (October 18, 14:45 UTC): Adds figure for European share of international mining.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
Top Stories
