July 16, 2024


The European Union is set to release an energy efficiency label from Bitcoin and proof-of-work cryptocurrencies in an effort to deter energy consumption, per a report from Bloomberg.

The European Commission is reportedly working with international partners to create a grading measure meant to “encourage more environmentally friendly crypto systems such as proof-of-stake,” per a draft proposal seen by Bloomberg News.

The draft proposal should be released later today and calls upon the international political stage to apply pressure against the energy consumption of bitcoin miners. This move against bitcoin miners looks to be a preamble as the EU prepares for a winter with less support from Russian gas reserves as a result of the ongoing war.


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