According to the European Union, Bitcoin mining is completely official

According to the European Union, Bitcoin mining is completely official

According to a European Commission official, Bitcoin mining (Cryptocurrency mining) is completely legal in Europe and subject only to standard electrical rules.

In a statement published last week, European Digital Economy and Society Commissioner Mariya Gabriel explained the regulatory status of the industry, as well as concerns about the intense nature of crypto-currency mining. Gabriel stated that Bitcoin mining is completely legal.

Gabriel said, “If the energy used for this activity is produced according to the blood, there is no legal basis for prohibiting or even limiting it.” Since the mining of the crypto currency is not an illegal activity, the commission has not introduced any tools to monitor.

However, as an economic activity consuming electricity, mining is subject to EU rules on “energy efficiency, energy sector and greenhouse gas emissions”.

Gabriel said the European Commission will continue to monitor the growing influence of cryptographic money on energy consumption and demand.

As stated by the Commissioner, it is not clear how much bitcoin mining was done in the EU. Mining activity is now being done intensively in China. Gabriel said, “It is unthinkable that some of the mining was done in the EU.”

As recently reported by Washington Post, Iceland, which produces most of its own electricity through hydroelectric power plants, now has crypto-currency mining projects more likely than the island’s energy source could support. But Iceland is not a full EU member, it is part of the European Economic Area.

Experts have reported that Bitcoin mining consumed approximately 0.14 percent of the world’s electricity supply. Some believe it is a strong incentive to experiment with sustainable energy solutions in the blockchain industry.

Related posts