Cryptocurrency mining is hitting the world hard right now. Whether you’re trying to get a graphics card for your new gaming monster, or just care about the environment, you’ve likely encountered concerns about cryptocurrency.
Well, if that’s the case, you’re not alone according to euronews. The directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, Erik Theden and Bjorn Reisinger, have raised concerns about the country’s ability to meet its climate commitments.
According to the directors, cryptocurrency mining in Sweden increased by several hundred percent between April and August. This is consistent with what we have observed in the graphics card markets in Europe. Especially in Germany and Austria Where the cards go for more than double the recommended rates, probably mostly for cryptocurrency mining.
They say the country’s current bitcoin mining uses as much electricity as 200,000 average homes, as we’ve seen some The effects of a very destructive force on ourselves When it comes to transactions, you can see why they are worried about not meeting the goals of the Paris Climate Agreement.
They are not the only ones. The directors of Sweden’s largest financial and environmental regulator are seeking to put an end to crypto-mining proof. That’s how many common cryptocurrencies are minted, and they involve math problem solvers that use a lot of computing power. That could be hundreds of thousands of homes saved in Sweden alone.
Electricity prices in Sweden are relatively good, and thanks to efforts in the field of renewable energy, the country is unfortunately attracting cryptocurrency mining operations. This will probably increase now as well, as China Declares Cryptocurrency Illegal Many will search for new sites.
The directors also called on Sweden to put an end to any new cryptocurrency mining and not allow any company involved in trading or investing in crypto assets to claim environmental sustainability, thanks to the massive amounts of energy required.
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