Sweden calls for Europe to Ban Crypto Mining over environmental concerns

silversurfer

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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."
 

upnorth

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If one live in Sweden, one knows from just watching basic local news that the country has a real messed up electricity market with prices that constant goes up. This is one issue that for sure can help explain the mess.
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.
 

The_King

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If one live in Sweden, one knows from just watching basic local news that the country has a real messed up electricity market with prices that constant goes up. This is one issue that for sure can help explain the mess.
In South Africa there is similar problem with electricity, regular daily load shedding and high electricity prices. Its actually a global issue for many countries..
No doubt less or a stop to crypto-mining will be better for everyone and the environment. In terms of Environmental damage that was there long before crypto became a thing.

So concern about the environment should not be limited to this one issue, that's all i was saying.
 

Gandalf_The_Grey

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In The Netherlands only high prices and old infrastructure.
The Dutch electric network is facing major capacity problems in the coming years according to Daan Schut, chief transition officer at network operator Alliander. ‘In recent years we have looked too much at sustainable energy and too little at the infrastructure,’ Schut told the Nieuwsuur current affairs programme on Thursday. He says there is both too much demand on existing infastuctre and, at times, too much electricity available, due to a prevalence of wind farms and solar panels.
Grid manager Liander announced in July that in two areas of Amsterdam – the Buiksloterham and Overhoeks areas in Amsterdam-Noord and the Westelijke Havengebied – have reached the maximum capacity on the grid. Yesterday the company announced that new problems have arisen in Gelderland, Flevoland, North Holland and Friesland. ‘In Gelderland and the Flevopolder, the high-voltage grid is reaching the limit for the return of electricity. The high voltage stations and connections in this area are reaching their maximum limit of what can be transported,’ grid operator TenneT said in a statement.
 

upnorth

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In South Africa there is similar problem with electricity, regular daily load shedding and high electricity prices. Its actually a global issue for many countries..
No doubt less or a stop to crypto-mining will be better for everyone and the environment. In terms of Environmental damage that was there long before crypto became a thing.

So concern about the environment should not be limited to this one issue, that's all i was saying.
I agree, but one step at a time and it must start somewhere. Electricity and it's prices is for sure a global problem as well noted in this thread, but Sweden does for sure not ignore everything else. I even posted some of it here:
Another step in the right direction, for the environment. (y)
 

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The amount of electricity and CO2 discharge from crypto is not sustainable.

Anyway, crypto is nothing but a huge money-grab. Those that are going to make crypto riches have already done it. Now it is everybody else chasing the false hopes of crypto riches.
europe is living with borrowed money, they print it, makes euro go down ..bitcoin will keep it market cap meanwhile euro wont

Banning crypto mining is not that simple
Its like calling every country go fossil free, meanwhile china is going @ 2060

Youre not late to jump in crypto market
 
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The_King

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The energy inputs for crypto are unsustainable. Studies have been done proving that to be the case and that's all there is to it. New coins and tokens, just printing money out the back door. Crap coins will topple the market eventually if govts don't step in with a very heavy hand and regulate plus tax the heck out of cryptos. Crypto taxes need to pay for woke.
The way large corporations have been abusing this planet for years and brought about the current climate change conditions was
never sustainable for decades. Cypto did not start the destruction of the Amazon rain forest and melting of the ice caps. Millions of
tons of C02 pumped out by fossil fuel cars and industrial waste into the worlds ocean. Was all that sustainable for the planet?

I would not promote Crypto for people who just want to get rich without doing proper research. Same like how the select few that manipulate stock trading markets and make millions even trillions and others don't or loose their investment which is most even though its a "regulated" market.

I did mine ETH for two years it allowed me to buy my first BMW E92 M3. I don't mine anymore but i know people who are making millions monthly form mining.

Also what @Moonhorse said about governments printing money is basically a Ponzi scheme that is not sustainable either has its no longer back by real Gold reserves.
 
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The_King

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It doesn't matter what started the climate problem. Regardless of the cause, studies have been done that show the energy consumption of crypto is not sustainable. Any money, whose existence depends upon electricity, is doomed.
So is electricity not need for other industries to make their money? Practically every industry today relies on electricity to make money.

So, money dependent on a printer is the answer? That also gets printed with electricity so that's a problem. <--I'm just joking here.

The paper money that all governments prints is doomed. Crypto will continue. Meta-verse will only use digital currency my "friend" Mark told me this.
 
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upnorth

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Crypto will continue.
Again, correct. I do though suggest anyone to read the actual report because it ain't about a 100% ban on all crypto and everyone that use them. Regulations is another much better word.
conclusion is that policy measures are required to address the harms caused by the proof of work mining method
We therefore call for:
  1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
  2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
  3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.
 
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The_King

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Again, correct. I do though suggest anyone to read the actual report because it ain't about a 100% ban on all crypto and everyone that use them. Regulations is another much better word.


Yes, I was not implying there was anything wrong with what Sweden is doing. I'm neither pro crypto nor against it.

I am against ruthless greed that causes destruction of the only planet we all live on.
 
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danb

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Crypto is a cool idea, but we need to figure out how to make it energy efficient. Even standard currency is not so energy efficient, you know, like mining metals, manufacturing papers and inks, transportation and so on. Chia was the answer, until it wasn't.


This is not a difficult issue to solve.
 
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