EU countries should be ready to block mining of cryptocurrencies, says Commission

19.10.2022

Members of the European Union should be prepared to block cryptocurrency mining, the European Commission, the bloc’s executive body 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 blockchain as some fear high energy prices, blackouts and shortages due to disruptions in gas supplies from Russia.

“If load shedding in the energy systems is necessary, [EU] member states should be prepared to halt crypto mining,” the commission said in a document published Tuesday. Load shedding is when energy companies intentionally cut off power to a specific set of customers to avoid bringing down the entire grid.

“In the coming months and years, the Commission intends to take various steps to develop digital energy services and provide an energy-efficient ICT (information and communications technology) sector, including … energy efficiency label for blockchain,” the commission added.