Quote from: StanCrypt on Today at 04:02:54 PM

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.

This was inevitable with the recent energy crisis going on in Europe that was caused by Russia's unnecessary war against Ukraine. Even before that there was discussion by some politicians as to the actual usefulness of mining operations and it is a relatively easy target that would not affect the average member of the public. Not only that but it can be used as a next target for sanctions if they can even put together shreds of evidence that it is being used by Russian's to evade financial restrictions. Altogether it seems like a sensible plan that should actually be welcomed by crypto users because it gives a bit more legitimacy to them in law and could help spur innovation.