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EU opens €800,000 euro tender for crypto climate study

eu-opens-e800000-euro-tender-for-crypto-climate-study
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EU opens €800,000 euro tender for crypto climate study

The European Commission has opened a €800,000 tender for research based on the crypto environmental impact.

The tender will close on Nov. 10 and successful bidders will conduct the study for 13 months. The goal is to develop potential standards following the EU policies to tackle the impact of crypto on environmental issues and climate change.

The European Commission is concerned about the negative impact that crypto mining could have related to excessive power consumption.

The tender document states:

“The increasing demand for crypto-assets and expansion of crypto-mining, including within the EU, could undermine EU’s efforts to achieve its climate and sustainability goals, in line with the Paris Agreement. The action aims at enhancing the EU capacity to assess and mitigate the impact of crypto-mining and develop specific sustainability standards.”

The research will aim to create a methodology that can be used to measure the environmental impact that different consensus mechanisms used by crypto have. Also, it will seek to develop ecological sustainability standards.

One of the main concerns for EU lawmakers is the proof-of-work consensus mechanism used for cryptocurrencies like Bitcoin.

During the last few years, the EU has been moving towards different crypto regulations to tackle environmental issues and other matters like financial crimes from a compliance perspective by creating laws such as the MiCA, among others.