Sweden wants Europe to ban Bitcoin mining

[ad_1]

Crypto mining is hitting the world pretty hard right now. Whether you’re trying to get a graphics card for your new gaming beast or just caring about the environment, you’ve likely run into some crypto issues.

Well if so, you are not alone according to Euronews. The directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, Erik Thedéen and Bjorn Risinger, have raised concerns about the country’s ability to meet its climate obligations.

Cryptocurrency mining in Sweden skyrocketed by several hundred percent between April and August, according to administrators. This is in line with what we have noticed in the graphics card markets in Europe. Especially in Germany and Austria, where the cards cost more than double the recommended prices, probably mainly for mining crypto.

They say that the current Bitcoin mining in the country uses as much electricity as 200,000 ordinary households, we ourselves have seen some pretty devastating energy implications when it comes to transactions, so you can see why they are worried about it. not respect their Parisian climate. Objectives of the agreement.

They are not the only ones. The directors of Sweden’s largest financial and environmental regulators are seeking to end proof-of-work cryptocurrency mining. This is how many popular cryptocurrencies are created that involve solving math problems that use a lot of computing power. This could represent a few hundred thousand electricity houses saved in Sweden alone.

Electricity prices in Sweden are relatively good, and thanks to efforts in renewables, the country unfortunately attracts crypto mining operations. This will likely increase now too, as China has declared cryptocurrencies illegal and many will seek new locations.

The administrators are also calling on Sweden to halt any further crypto mining operation and to ban any company involved in trading or investing in crypto assets from claiming environmental sustainability, thanks to the massive amounts. of energy required.

If you’re in the market for a new gaming platform, check out our Black Friday deals. Just promise that you don’t build a crypto farm first.

[ad_2]