- Aug 17, 2014
Euronews reports that two directors of the Swedish Financial Supervisory Authority, Erik Thedéen and Bjorn Risinger, said that rising crypto mining in the country and the subsequent increase in energy usage threatens its ability to meet targets set out in the Paris Climate Agreement. Therefore, they suggest banning proof-of-work crypto mining across Europe, and for Sweden to prevent the establishment of new crypto mining operations and for companies that trade and invest in crypto assets to be prohibited from describing themselves as environmentally sustainable.
The pair said that the energy consumption of Bitcoin mining in Sweden went up by several hundred percent between April and August and now consumes the equivalent electricity of 200,000 households.
"Crypto-assets are a threat to the climate transition – energy-intensive mining should be banned," the regulators said in a statement. "The University of Cambridge and Digiconomist estimate that the two largest crypto-assets, Bitcoin and Ethereum, together use around twice as much electricity in one year as the whole of Sweden."
Euronews reports that two directors of the Swedish Financial Supervisory Authority, Erik Thedéen and Bjorn Risinger, said that rising crypto mining in the country and the subsequent...