Regulators in Sweden propose to ban cryptocurrency mining in the European Union

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Regulators in Sweden propose to ban cryptocurrency mining in the European Union By Angel Di Matteo @shadowargel

Officials confirm that the energy consumption of the network Bitcoin It has grown remarkably, and that this energy is necessary for other items that could also benefit from the use of electricity produced by renewable sources.

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Directors of regulatory bodies in Sweden assured that the mining of Bitcoin and other cryptocurrencies under the algorithm Proof-of-Work (PoW) could be very harmful to the environment, preventing both the country and the European Union from satisfactorily complying with the Paris Climate Change Agreement.

This was stated by Erik Thedéen and Björn Risinger, directories of the Financial Supervisory Authority and the Environmental protection agency respectively, which formally requested the country’s authorities to ban cryptocurrency mining locally due to the highs.

Such remarks were made in a report published last week, where officials alleged that cryptocurrency mining generates 120 million tons of CO2, which are released into the Earth’s atmosphere every year. This measure corresponds to a carbon footprint that would generate 100 million round-trip flights between Sweden and Thailand.

Criticisms of energy consumption and carbon footprint

Faced with these arguments, the officials also noted that, given the growth in interest in mining, energy consumption in Sweden for this sector has multiplied notably, reaching the figure of 1 TW / h last August.

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Although officials are not against cryptocurrency mining seeking to source from renewable sources, they do have serious criticism of making use of what is produced in Sweden, which they qualify as reckless due to the high consumption associated with it. .

In this sense, both comment:

“This energy is urgently needed for the development of fossil-free steel, large-scale battery manufacturing and the electrification of our transportation sector.”

The claims made by Thedéen and Risinger are supported by data provided by the University of Cambridge, where those responsible for the study assure that mining only 1 BTC it currently supplies a 1.8 million kilometer trip in a mid-size electric vehicle.

Mining Bitcoin adopt renewable energy

Although the criticisms of officials point to certain aspects to which to pay attention, the truth is that the Bitcoin mining sector is working precisely to migrate towards renewable energies, with which operations are expected to significantly minimize the footprint of carbon generated by transactions today.

However, although the network BTC uses a lot of energy right now, a study recently published by the Bitcoin Mining Council revealed that mining Bitcoin it would only consume 0.38% of all that is wasted globally. Delving further into these figures and only taking the amount of electricity produced by the US, only 2.8% of the electricity that is not used would be enough to supply the infrastructure of the digital currency.

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For now it remains to be seen whether the demands of Swedish officials escalate and reach the next level. Or if, on the contrary, they lose strength in the face of studies published by many other organizations.


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Source: Ihodl, Fi.se

Version by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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