EU Puts Bitcoin in Crosshairs With Crypto Energy Labeling Plan

The European Union will develop an energy efficiency label for cryptocurrencies like Bitcoin in a bid to rein in the growing electricity consumption of the industry.

The European Commission will work with international partners to come up with a grading measure that will encourage more environmentally friendly crypto systems, such as “proof of stake,” according to a draft proposal seen by Bloomberg News set to be announced Tuesday. The EU will also call on countries to target miners’ energy consumption this winter as it tries to navigate the season with far less Russian gas.

“Just as their use ...