Swedish call to ban crypto mining ‘completely misinformed,’ says fund manager
“The claim that Bitcoin miners jeopardize the electricity network is completely misinformed,” says EU-based fund manager Melanion Capital. A Swedish financial watchdog’s call for a European Union-wide ban on proof-of-work (PoW) crypto mining, mainly known as the method of minting new Bitcoin (BTC), has received backlash from crypto-related fund managers. Melanion Capital, a Paris-based alternative investment firm known for its Bitcoin ETF, addressed the Swedish Financial Supervisory Authority and Swedish Environmental Protection Agency’s call to ban PoW mining across Europe. “The claim....
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European regulators are concerned about crypto's risks to climate change goals. Erik Thedéen, the vice-chair of the European Securities and Markets Authority has raised concerns over the growing use of renewable energy for Bitcoin mining.In a recent interview with the Financial Times, Thedéen said that Bitcoin (BTC) mining has become a “national issue” and warned cryptocurrencies could pose a risk to climate change goals. He called upon European regulators to take special exception to proof-of-work mining which is primarily used by Bitcoin and a few other forked altcoins. He also advocated....
Alarmed by the rising energy needs of cryptocurrency mining, Sweden’s financial and environmental regulators have recently proposed an EU-wide ban on proof-of-work coin minting. The Swedish officials believe this would encourage a move towards a more energy-efficient extraction of bitcoin while supporting the transition towards climate neutrality in Sweden and Europe. A state-run power company warns, however, that restrictions could have an adverse effect on global carbon emissions.
Expensive Bitcoin Generates More Emissions, Swedish Authorities Allege
The rising value....
The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols.
Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says
Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister....
KnCMiner, who recently won a lawsuit against complainants who had sued over late or failed delivery of one of the company’s previous iterations of bitcoin mining hardware (the Titan) , has filed bankruptcy ahead of July’s mining reward halving. The Swedish Bitcoin mining company’s CEO Sam Cole cited energy taxes and uncertainty about the future of the Bitcoin mining market over the weekend in an interview with Swedish website Breakit.se. 44 percent of our income goes to energy taxes. If we had had that the rest of this industry, so we had not gone bankrupt today. But we do not know if or....
At least 80% of the investment's net assets are through securities that “derive at least 50% of their revenue or profits” from Bitcoin mining. Crypto asset manager Valkyrie will have an exchange-traded fund (ETF) with exposure to Bitcoin mining firms available for trading on the Nasdaq Stock Market starting Tuesday.filing with the Securities and Exchange CommissionofferBTCValkyrie’s offering resembles the Digital Asset Mining ETF proposed by asset manager VanEck in December. The asset manager said it planned to invest 80% of its total assets in securities from crypto mining firms, with the....