It is reported that according to a recent report, the European Union will release Bitcoin and verify the energy efficiency label of cryptocurrency to curb energy consumption. According to a draft proposal seen by Bloomberg News, the European Commission is working with international partners to establish a hierarchical measure aimed at "encouraging more environmentally friendly encryption systems, such as equity certificates".
The draft proposal should be released later today, and calls on the international political arena to put pressure on the energy consumption of NTC miners. This move against Bitcoin miners seems to be a prelude, because the EU is preparing for a winter. Due to the ongoing war, the support of Russia's natural gas reserves will be reduced.
The EU executive said, "With the significant increase in the use of cryptocurrencies, the energy consumption of cryptocurrencies is also increasing."
"When using cryptocurrency and other blockchain technologies in the energy market and transactions, we must be careful to use only the most energy-efficient version of the technology," the executive agency continued.
In addition, EU member states will be urged to cut the tax incentives for bitcoin miners, and in the event of power shortages, member states must also be prepared to stop all mining operations.
In addition, a report will be prepared to examine the impact of Bitcoin mining on the climate. However, fears, uncertainties and doubts about the possible impact of Bitcoin mining on the climate are not new.
The Bitcoin Mining Commission, including Michael Sellers, Jack Dorsey and Fidelity Investment, wrote an open letter to American legislators refuting many misinformation about Bitcoin and energy use.
Michael Sellers published a paper discussion on the misunderstanding of Bitcoin and energy use after the open letter.
In recent months, the narrative of energy consumption has tried to regain momentum because Greenpeace has invested $1 million in its budget to attack Bitcoin. The White House has begun drafting its own legislation to deal with Bitcoin mining.
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Tue, 18 Apr 2023