Crypto mining is hitting the world very hard right now. Whether you’re trying to get a graphics card for your new gaming beast, or just care about the environment, you’re probably concerned about crypto.
Well if so, then according to you are not alone euronews, The directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, Erik Theeden and Björn Risinger, have expressed concern about the country’s ability to meet climate obligations.
According to the directors, crypto mining in Sweden grew several hundred percent between April and August. This matches what we’ve seen in the graphics card markets in Europe. Especially in Germany and Austria where cards are going for more than double the recommended prices, probably mostly for my crypto.
They say that the current mining of bitcoin in the country uses as much electricity as 200,000 regular homes, we have seen some devastating power effects when it comes to transactions, so you can see how they are changing their Paris climate. Why worry about not meeting the goals of the agreement.
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They are not alone. The directors of the largest financial and environmental regulators in Sweden are demanding proof of work crypto mining. This is how popular cryptocurrencies are mined, and it involves solving a mathematical problem that uses a lot of computing power. This could save the electricity of two million homes in Sweden alone.
Electricity prices in Sweden are relatively good, and thanks to renewable energy efforts, the country is unfortunately attracting crypto mining operations. This is likely to increase even now, as China has declared cryptocurrencies illegal and many will be looking for new places.
The directors also called on Sweden to halt any new crypto mining operations and to disallow any company trading or investing in crypto assets from claiming environmental sustainability due to the need for large amounts of energy.
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