According to the EU Commissioner for the Digital Economy and Society, crypto-currency mining is absolutely legal in Europe and must obey the standard rules of energy consumption. In a statement released last week, Mariya Gabriel expressed concern about the increased energy intensity of crypto-currency mining, specifying the regulatory status of the industry. Gabrielle said:
"If the energy consumed for this activity is produced in accordance with the law, there are no legal grounds to prohibit or even restrict it ... Since the crypto-currency mining is not illegal activity, so far the Commission has not monitored the amount of energy consumed by the industry."
However, as a power-intensive economic activity, mining should obey EU rules on "energy efficiency, energy sector and greenhouse gas emissions," she added. Gabrielle noted that the European Commission will continue to analyze the growing influence of the crypto currency on energy consumption and demand for it.
It is not yet clear how many bitcoins are mined within the EU. Gabriel stressed that most of the world's mining is still concentrated in China, despite the hints of regulators who have repeatedly shown by their actions that prohibitive measures for this industry will soon be taken.
As recently reported by the Washington Post, Iceland, which generates most of its electricity through hydroelectric power stations, is now developing promising projects in the field of crypto-currency mining. Iceland is not a full member of the EU, but it is part of the European Economic Area. According to calculations of some experts, the crypto-currency mining consumes about 0.14% of the total amount of electricity produced in the world.