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Your email address will not be published.

Related

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]