Leaders in member countries of the European Commission are being trained by the Commission to stop cryptocurrency mining.
According to a Press ReleaseThe commission provided an action plan for digitalizing the energy sector. However, it reiterated the obligation on its member countries to ban Proof-of-Work mining systems that are used by crypto assets. Bitcoin (BTC), Ethereum Classic(ETC), and Dogecoins (DOGE).
The ongoing war between Russia and Ukraine has put additional strain on the region’s energy capabilities and the sanctions being placed on the Russian government also include the cap on the oil coming from the Putin-led country.
The energy requirements of industries and households will rise as winter approaches. It may not be possible to predict how Russia will react to the crisis, but the European Commission is taking a proactive approach to preparing member countries about what it might take to get the electricity grid freed up by crypto miners.
The European Commission will introduce a rating system to classify crypto miners according to their environmental impact over the long-term. This rating system was introduced as a compromise to an earlier year’s ban on PoW in the Markets in Cryptoassets (MiCA), regulation. Vehemently opposed by European Parliament members.
According to the commission the transition from PoW (or Proof-of-Stake) system by Ethereum Network is more or fewer the nature of the transformations it expects to see in the future. It is already possible to approve the proposal for the crypto miner rating. Implementation will be scheduled for 2025, if approved.
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