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Sweden is pushing for a ban on Bitcoin mining in Europe

Sweden is pushing for a ban on Bitcoin mining in Europe

Crypto mining is currently wreaking havoc around the globe. Whether you're looking for a graphics card for your new gaming beast or simply want to help the environment, you've probably come across crypto concerns.

If that's the case, Euronews reports that you're not alone. Erik Thedéen and Bjorn Risinger, directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, have expressed concerns about Sweden's ability to meet its climate obligations.

Crypto mining in Sweden increased by several hundred percent between April and August, according to the directors. This is consistent with what we've seen in the European graphics card markets. Particularly in Germany and Austria, where cards are selling for more than twice the recommended price, likely to mine cryptocurrency.

They aren't the only ones who think this way. Directors of Sweden's most powerful financial and environmental regulators are working to put an end to proof-of-work crypto mining. This is how many popular cryptocurrencies are created, and it requires a lot of computing power to solve mathematical problems. That could save enough energy to power a few hundred thousand homes in Sweden alone.

Sweden has relatively low electricity prices, and as a result of its efforts to promote renewable energy, the country is unfortunately attracting crypto mining operations. This will most likely increase now that cryptocurrencies have been declared illegal in China, and many people will be looking for new places to trade them.

Due to the massive amounts of energy required, the directors are also urging Sweden to prohibit any new crypto mining operations and to prohibit any companies involved in trading or investing in crypto assets from claiming environmental sustainability.

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