Sweden proposed to ban mining in the European Union

Swedish regulators believe that cryptocurrency mining will prevent the country and the EU from complying with the Paris Agreement onclimate change.

Head of the Swedish Financial Conduct Authority EricTedeen and the head of the Environmental Protection Agency, Bjorn Reisinger, issued a joint statement in which they called for a ban in the European Union for mining cryptocurrencies using the Proof-of-Work (PoW) algorithm.

Officials believe that the mining of digital assetsalready leads to the emission of up to 120 million tons of carbon dioxide into the atmosphere per year. According to Thedeen and Reisinger, this could prevent the country and the EU from complying with the Paris agreement on climate change.

The Proof-of-Work algorithm is used toconfirm transactions and create new blocks. With the help of PoW, miners compete with each other to confirm transactions on the network, receiving a reward for this. At the moment, Bitcoin, Ethereum, Litecoin, Dogecoin, Monero and other cryptocurrencies work on PoW. Ethereum developers plan to abandon PoW in the future in favor of the Proof-of-Stake (PoS) algorithm.

</p></p>