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Swedish Authorities Want Europe To Ban Crypto Mining

Provided By - Video Elephant on November 25, 2021
Swedish authorities are calling on the European Union to ban crypto mining because of its environmental impact. The concerns were raised by the directors of Sweden’s top financial and environmental regulators. The directors say that Bitcoin mining in Sweden now consumes the same amount of electricity as 200,000 households. It is currently possible to drive a mid-size electric car 1.8 million kilometers using the same energy it takes to mine one single Bitcoin, Erik Thedéen & Björn Risinger, Directors of Swedish Financial Supervisory Authority & Swedish Environmental Protection Agency. The authorities are seeking an EU-wide ban on the “proof of work” system, which is used to mint many cryptocurrencies. This system involves solving mathematical problems, which uses a lot of computing power. The rise of crypto mining could threaten Sweden's ability to meet its obligations under the Paris Climate Agreement

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