Sweden calls on Europe to ban Bitcoin Mining
Sweden’s financial and environmental regulators have called on the EU to cut off contact for proof-of-work bitcoin mining due to the negative impact on the environment, according to several reports.
Erik Thedéen, Director General of the Swedish Financial Supervisory Authority, and Björn Risinger, Director General of the Swedish Environmental Protection Agency, are both worried that crypto-mining will make the country unable to meet climate commitments.
Cryptocurrency in Sweden escalated between April and August and the electricity used could power 200,000 ordinary households. Following the crackdown on cryptocurrencies in China, miners migrated to other regions.
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The Swedish heads of supervision have asked the EU to consider a general ban on proof-of-work mining as other methods are said to reduce energy consumption by over 99%. The directors also want Sweden to stop allowing new places that use energy-intensive coin minting methods.
Thedéen and Risinger have said that there are ways to counteract mining, such as taxes and education.
– Sweden and other countries could, for example, introduce a tax on the energy-intensive production of bitcoin. Another option is to communicate more broadly about climate issues related to cryptocurrencies, in the hope that this will lead to both producers and investors demanding a transition to mining methods that require less energy, ”they said.
Read more: US now claims Bitcoin Mining Crown
The directors want Sweden to end new crypto-mining operations and stop all companies involved in trading in or investing in crypto-assets from asserting environmental sustainability.
“Emissions must stop here and now, and renewable energy must be used for the climate change of important services,” they said.
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While Sweden demands an end to mining, certain areas, such as the state of Texas, welcome them. Melanion Capital, known for its Bitcoin ETF, said that the Swedish agencies’ call to ban proof-of-work mining throughout Europe is “completely misinformed.”
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