EU to end crypto tax breaks and wants blockchains to show energy-efficiency labels

Members of the European Union must be ready to block crypto mining, the European Commission, the bloc’s executive arm responsible for introducing new legislation, said Tuesday as the region prepares for an uncertain winter.

The EU is also developing an energy-efficiency label for blockchains as the disruption of gas supplies from Russia leave some fearing high energy prices, blackouts and shortages.

The energy consumption of crypto has increased 900% over five years, reaching around 0.4% of worldwide electricity use, the commission said, promising another report on the topic by 2025 that could recommend further measures to cut crypto’s energy use. Europe represents 10% of global proof-of-work mining, it added.

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