Sweden Calls for Ban on Bitcoin Mining in EU

The 26th UN Climate Change Conference has not yet ended, and Swedish regulators are already calling for a banmining of cryptocurrencies in the EU as a threat to the implementation of an international agreement.

According to the Swedish financial inspectorate, productioncryptoassets based on the Proof-of-Work algorithm are too energy-intensive and increase the threat of climate change. Under public pressure, miners are trying to switch to renewable sources, but this situation threatens a shortage of electricity in the Scandinavian region. 

On the one hand, cryptocurrency mining catastrophically increases the carbon footprint in the atmosphere. On the other hand – threatens deficits in other sectors of the economy.

According to regulators, the mining industryneeds to be converted to more sustainable mining methods that will reduce energy consumption by 99.95%. Until the cardinal solution of the issue, Sweden proposes:

• Consider a ban at the EU level on mining PoW cryptocurrencies;
• Take tough measures to limit the development of crypto mining using energy-intensive methods;
• Prohibit PoW mining product from being labeled, described, or sold as safe.

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