The official EU statement: it is impossible to prohibit mining

The official EU statement: it is impossible to prohibit mining

According to EU Commissioner, mining crypto currency is a perfectly legitimate activity in Europe and subject to the standard rules of electric power supply and consumption.

In a statement issued last week, Mariya Gabriel, European Commissioner for the digital economy expressed concern about the energy-intensive nature of mining, noting the regulatory status of the industry:

If the energy consumed for these activities shall be in accordance with the law, there is no legal reason to prohibit or even limit it … Since mining cryptocurrency isn’t illegal activity, the Commission has not adopted any means to track this activity.

However, as the energy-intensive mining activities subject to the EU rules concerning “energy efficiency, energy sector and greenhouse gas emissions,” she added.

Gabriel also said that the European Commission will continue to consider the effect that mining has on the energy industry.

At the moment it is not clear what amount of bitcoins are mined in the EU. According to the Commissioner, the bulk of the mining industry is concentrated in China.

In recent times Iceland has become increasingly popular among the miners, as there is relatively cheap electricity, much of which is produced at hydroelectric power plants. Iceland, however, is not a full member of the EU, but is part of the European economic area.

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