Sweden Needs Power for More Useful Things Than Bitcoin Mining, Energy Ministe...
Concerned about projected increase in electricity demand, the government in Sweden may turn its back on crypto mining, the country’s energy minister has indicated. Swedish bitcoin minting industry, a leader in Europe, is likely to soon lose the preferential treatment it has been taking advantage of for some time, a media report revealed. Crypto Miners May Find It Harder to Access Sweden’s Cheap Green Energy Amid forecasts for growing energy needs in other sectors, Sweden may change its attitude towards cryptocurrency mining. In a recent interview, Minister of....
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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....
One of the largest bitcoin mining operations in the world, Genesis Mining, has been working on an experiment with Systemair, Lulea Technical University, Research Institute of Sweden, and the local Boden municipality. The teams in Sweden are developing a system that converts excess heat from Genesis’s bitcoin mining to power greenhouse operations. Bitcoin mining is extremely competitive and the network consumes a lot of electricity to secure transactions and mint new coins. For instance, the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that the Bitcoin (BTC) hashrate....
Cryptocurrencies are generated via a process known as crypto mining which consumes much electrical power. And higher energy consumption has consequently brought electrical power shortages in several regimes due to increased mining activities. Quebec, a Canadian province, is of them facing similar problems. And now, the provisional energy supplier wants to cut power sources for […]
In Sweden, financial and environmental regulators want to ban PoW mining. Unfortunately, they forgot to add Vattenfall to the email. And Sweden’s biggest green energy power company categorically rejected their claims on national public television. Ouch. This is a real-life example of the game theory that protects Bitcoin. And more evidence that proves that Bitcoin […]
As a project in Northern Sweden shows, Bitcoin’s reliance on energy consumption could bring a more sustainable future.