EU politicians consider it necessary to limit the activities of miners

21.05.2021 |

Sven Giegold, a member of the European Parliament from Germany, called on the European Union authorities to limit the activities of cryptocurrency miners in their territory. According to him, as long as cryptocurrencies played a minor role, there was no need for any regulation, and on the contrary, at the initial stage it could harm development. But now that the scale has become so global, it is necessary to pay special attention to the impact of digital assets on environmental problems of the Earth.

According to the MEP, carbon emissions from cryptocurrency mining companies are worsening the already dire greenhouse gas situation, and increasing electricity consumption is damaging the German economy. Giegold compared miners and the ban on internal combustion engines. Thus, fossil fuel cars are more useful than the first cryptocurrency: at least they transport people and cargo.

Discussions about the environmental problems of cryptocurrency mining and keeping the blockchain running have now come to the forefront. Tesla has stopped accepting bitcoin payments, ostensibly because of poor environmental performance; the United States may also restrict mining in its territory; and the European Central Bank believes bitcoin poses a threat to the sustainable development of the Earth, adopted by the UN.