According to a European Union commissioner, Cryptocurrency mining is a legal form of business in Europe and is only subject to the existing electricity rules.
Mariya Gabriel, the digital economy and society European Commissioner released a statement addressing the concerns related to the power-intensive Cryptocurrency mining nature equally providing clarifications on the regulatory status
The commissioner stated that provided the energy that is being channeled towards the Cryptocurrency mining is generated according to the laws, then there would be no basis to limit the continuation for this activity.
Further, mining of Cryptocurrencies is not an illegal activity the commission has so far not yet placed any activity or means to help track that.
As an electricity consuming activity, mining shall however be subjected to the EU regulations that regards to power and energy efficiency, greenhouse gases emission and the power sector.
The commissioner went ahead to explain that the European commission would go ahead to review the impact that Cryptocurrencies have brought on the energy demands and consumption.
From the statements, its however come clear that the commission does not have a clear prescriptive on how extensive or how much the mining of Bitcoins is being carried out within the European union.
Bitcoin mining can be said to be still strongly rooted in the Chinese regions irrespective of rumors that the regulators are likely to move in to bring the industry to a halt with regards to the production.
It however cannot be denied that also in the EU some mining is being carried out with minimal or no regulatory measures.
Washington post recently reported that Iceland which produces much of its own electricity from its hydroelectric stations now has a lot of prospective cryptocurrencies mining projects that its supplies cannot be able to sustain.
Iceland is not yet to become a full member of the European Union however, it is part of the European Economic area.
According to the experts, mining of Bitcoins alone takes up more than 0.10 percent of the worlds electricity supply for which a good number of company’s in the blockchain industry have a believe will create a stronger experimental opportunity for sustainable energy.