Europe Must Ban Bitcoin Mining To Hit the 1.5C Paris Climate Goal, Say Swedish Regulators


Faced with a sharp rise in energy consumption, Swedish authorities are calling on the European Union to ban "energy intensive" crypto mining. From a report: Erik Thedeen, director of the Swedish Financial Supervisory Authority, and Bjorn Risinger, director of the Swedish Environmental Protection Agency, said cryptocurrency's rising energy usage is threatening Sweden's ability to meet its obligations under the Paris Climate Agreement. Between April and August this year, the energy consumption of Bitcoin mining in the Nordic country rose "several hundred per cent," and now consumes the equivalent electricity of 200,000 households, Thedeen and Risinger said. In an open letter, the directors of Sweden's top financial and environmental regulators called for an EU-wide ban on "proof of work" cryptocurrency mining, for Sweden to "halt the establishment" of new crypto mining operations and for companies that trade and invest in crypto assets to be prohibited from describing their business activities as environmentally sustainable.

Europe Must Ban Bitcoin Mining To Hit the 1.5C Paris Climate Goal, Say Swedish Regulators

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Tags: Europe, Sweden, Tech, Eu, European Union, Swedish Financial Supervisory Authority, Risinger, Swedish Environmental Protection Agency, 5C Paris Climate Goal Say, Erik Thedeen, Bjorn Risinger

Source:  https://slashdot.org/story/21/11/25/003228/europe-must-ban-bitcoin-mining-to-hit-the-15c-paris-climate-goal-say-swedish-regulators?utm_source=rss1.0mainlinkanon&utm_medium=feed