According to a Bloomberg story, the European Union plans to introduce an energy efficiency label for Bitcoin and other proof-of-work cryptocurrencies in an effort to reduce energy use. The draft plan, which is expected to be made public later today, urges the international political scene to exert pressure against the energy use of bitcoin miners. This action against bitcoin miners appears to be a precursor as the EU gets ready for a winter with fewer gas reserves from Russia due to the ongoing conflict.

The energy usage argument has recently made an effort to pick up pace as Greenpeace allocated a new $1 million budget to criticising Bitcoin and the White House started drafting its own laws to handle the bitcoin mining sector.

With all these in play and Bitcoin miners already scaling down production, Being in the mining business right now would really be a bad idea. This plan by the European Union is bound to negatively affect not just the bitcoin market but the entire crypto market which has largely assisted in financing the purchase of resources and the provision of financial services which had in turn greatly hastens the global economy's economic,  and social development especially in developing nations.


Anyways what do people think about this. Share your wisdom please.

https://bitcoinmagazine.com/legal/eu-takes-aim-at-bitcoin-energy-consumption-with-new-law