Swedish Regulators Want to Ban Crypto Mining

After China issued a crackdown against all crypto miners within the region, most of them were subjected to flee the region as soon as possible. They couldn’t continue their operation within the bounds of China because the state condemned it as an illegal act. Some of the miners moved towards friendly frontiers where they could set up their mining operations and could start mining crypto once again. Europe became a delighted avenue for this migration, and some of the miners eventually established themselves in Sweden and other neighboring countries. There has been some mining activity going on Swedish soil, but the government has decided to limit it and control the amount of crypto being mined.

Two Swedish director generals have expressed their worries regarding excessive crypto mining taking place in Sweden and to limit this mining activity so that it doesn’t inflict any harm towards the environment. In all fairness, this is exactly how China changed its view and understanding of crypto mining which eventually led the country to completely ban this endeavor altogether. This worry made available by the Swedish director generals also urged the state to take specific steps which would allow the country to move ahead with mining and the possible harms on the environment.

Crypto Mining and Paris Agreement

An article was published that if mining of crypto using proof of work algorithm is carried out, then eventually the country will run out of renewable energy resources, which would also hurt the prospect of achieving climate control under the Paris agreement. The bottom line used within the article was that if extensive mining practices are allowed to happen on Swedish soil, then eventually, all the available renewable resources will be used, and nothing will be left to achieve the climate transition that Sweden needs to make.

Other than consuming loads and loads of electricity, mining also produces carbon dioxide, which in no form is suitable for our environment. While it is important that crypto mining utilizes renewable energy, which has limited implications to our environment but at the same time, this energy is kind of the primary focus for Sweden right now and couldn’t be allowed to be utilized all in all by crypto mining.

Leave a Reply

Your email address will not be published. Required fields are marked *


Major Australian Baseball Club will Pay Players in Bitcoin

The Perth Heat Australian baseball club has finally made a transition of paying its athletes in Bitcoin. The club will be using the Bitcoin lightning network for the sake of making payments to these professional baseball players and staff members as well. Australia is seeing a very pleasant boom of decentralization and adopting cryptocurrencies as […]

Twitter Bitcoin Tips Gain Attention of Users

Jack Dorsey, CEO of Twitter, is always finding reasons to work with Bitcoin and the crypto market from time to time. Jack Dorsey is more than a fan, he’s a visionary who sees value in Bitcoin, and the significance of decentralization is not new to him. Recently Twitter has announced big plans regarding decentralization and […]

Bitcoin’s Taproot Upgrade Brings New Features to Network

It was hinted long ago that Bitcoin and its blockchain are going to get updated in the future, with the taproot update currently in development at that time. A specific block sequence was already put aside as a marker for when the update shall go live. Block 709632 was chosen for this task, and whenever […]

New Data Shows 72% of Shiba Inu Investors are in Profit

Shiba Inu token has been criticized for its lack of utility by the members of the crypto community. However, a new report published by a crypto analytics firm, called IntoTheBlock, has claimed that most of the investors who have decided to accumulate SHIB tokens are generating profits. The report was recently shared on the official […]

Inceptial Review – A Prominent Forex Company for all Traders

Inceptial Review If you are on the lookout for a decent online forex company, there is no denying that Inceptial is a leading online forex company right now and will most likely continue to grow in popularity in the online trading world. In this Inceptial review, I have outlined the leading trading features of this […]