https://safirsoft.com Sweden calls on Europe to ban cryptocurrency mining for environmental reasons

Hot Potato: The price of cryptocurrencies continues to rise, and while this is good news for miners, it also means that more people are jumping in, which equates to spending more energy on mining like Bitcoin. Sweden considers the environmental impact of this activity so severe that it wants to ban it completely in Europe.

Euronews reports that two directors of the Swedish Financial Supervisory Authority, Erik Tadin and Björn Razinger, said that the increase in crypto-mining in the country and the subsequent increase in energy consumption, its ability to achieve the goals set. in the Paris Climate Agreement. So they propose banning Proof of Work mining across Europe, banning Sweden from launching new cryptocurrency operations, and ban labeling companies trading and investing in crypto-assets as green.

Bitcoin mining power consumption in Sweden increased by several hundred percent between April and August, the couple said, now consuming the equivalent of 200,000 households.

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Sweden has relatively low electricity prices, thanks to its focus on using renewables, and ironically, These costs are low, which attract miners and have environmental impacts. The problem has worsened since China banned all cryptocurrencies a few months ago, and miners have been forced to relocate.

The impact of crypto mining is not limited to the environment Medium NFT, which seems to be welcomed by everyone these days, has a carbon footprint equivalent to more than a month's electricity consumption of the average person living in the European Union.

Not everyone agrees with Swedish observers. Paris-based Alternative Investment: “The claim that bitcoin miners are threatening the power grid is completely false.” [For bitcoin miners] it should not be used as an opportunity to take action that renders the industry illegal due to lack of defense.”

Sweden calls on Europe to ban cryptocurrency mining for environmental reasons
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