The European Union is preparing to roll out energy efficiency labels for blockchains. These measures are part of a wider plan by the European Commission to control energy consumption in the ICT sector. They include an environmental labeling scheme for data centers, an energy labeling scheme for computers, and measures to make it clearer how much energy telecom services use.
"Our energy system must be made more efficient and ready for a higher share of renewable energy sources, - said Kadri Simson, energy commissioner - "To accomplish this, we need more innovative digital solutions and a grid that is much smarter and more interactive than it is today.” Various public sector-led programs will provide financial support for research into digital technologies in the energy sector as part of this program. The program will support digital technologies research in the energy sector through a variety of public sector-led initiatives.
In fact, the EU is in the final stages of producing one of the first comprehensive regulatory frameworks for cryptocurrencies, the Markets in Crypto Assets (MiCA) legislation. EU financial services commissioner Mairead McGuinness recently urged US lawmakers to follow suit, and contribute to establishing international industry standards.
One of the reasons for this label is the recent energy consciousness has been the rising cost of fuel throughout the continent, in the wake of sanctions placed on Russia, which had been a primary exporter of cheap gas to many European countries, prior to its invasion of Ukraine earlier this year. If electricity supplies begin to dwindle during what is expected to be a challenging winter, the EU will recommend that member countries discontinue any further crypto-mining activities.