EU member states should prepare to suspend cryptocurrency mining “if there is a need to shed the load on electrical systems.” This information has been published by the European Commission as action plan for the digitalization of the energy sector.
In addition, the agency insists on the abolition of tax incentives and other preferences for mining companies specializing in the algorithm proof of work.
And in order to reduce the impact on the environment, they propose to create a rating system for cryptocurrencies in terms of environmental friendliness.
Among examples of positive developments in the crypto industry, EU leaders pointed to The Merge in Ethereumthanks to which the network of the second largest cryptocurrency by capitalization changed the algorithm to a more environmentally friendly one.
Former Vice Chairman of the European Securities and Markets Authority Eric Theden urged to prohibit the mining of bitcoin and other cryptocurrencies on the Proof-of-Work algorithm.
