EU commissioner says mining Bitcoin is legal and only subject to regular electricity regulations.
In a statement released recently, Commissioner for Digital Economy in EU, Mariya Gabriel, commented on the concerns about the amount of electricity used for mining cryptocurrency. She also clarified the status of the industry.
Gabriel in her statement said:
“As long as the energy produced for mining is produced and used according to law, there isn’t any legal basis to limit or forbid it. Cryptocurrency mining isn’t an illegal activity. The commission hasn’t provided any means to track it.”
“Even if there are no special limitations or rules governing cryptocurrency mining, the standard rules that govern the use of electricity applies to mining as well. The rules regarding the power sector, energy efficiency, and emission of greenhouse gases still apply to cryptocurrency mining.”
This is no surprise since Bitcoin mining is an electricity consuming economic activity. As time passes, the commission will continue to review the impact of cryptocurrency on energy demand and consumption. Presently, it’s not clear how much electricity is used for mining cryptocurrency in the EU.
Although most of the cryptocurrency mining is done in China, there are still some farms located in EU, and this cannot be neglected. Recent reports showed that Iceland has more mining facilities that its energy sector can support. However, the EU cannot interfere with the activities on Iceland since the country isn’t a full member.
Mining Bitcoin alone costs the world about 0.14 percent of the total electricity produced. This is minus other cryptocurrency assets in the market. The energy consumption will only increase as more and more people learn about cryptocurrency. Many in the industry see this as a strong incentive for carrying out experiments to find solutions for sustainable energy.