Cryptocurrency mining is now seriously hitting the world. Whether you want to buy a graphics card for your new game beast or just care about the environment, you may encounter encryption issues.
Well, if so, according to you are not alone European NewsErik Thedéen and Bjorn Risinger, heads of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, expressed concern about the country’s ability to meet its climate obligations.
According to the directors, between April and August, cryptocurrency mining in Sweden soared by hundreds of percent. This is in line with what we have noticed in the European graphics card market. Especially in Germany and Austria, the recommended price of the card is more than twice the recommended price, probably mainly for mining cryptocurrency.
They said that the electricity used to mine Bitcoin in the country is as much as 200,000 ordinary households, and we have seen some very destructive power effects in terms of transactions, so you can understand why they are worried about not complying with their Paris climate agreement Target.
They are not the only ones. The directors of Sweden’s largest financial and environmental regulator are seeking proof of work to end cryptocurrency mining. This is how many popular cryptocurrencies have been minted, involving mathematical problem solving that uses a lot of computing power. In Sweden alone, this may save hundreds of thousands of houses.
Sweden’s electricity prices are relatively good, and due to its efforts in renewable energy, the country has unfortunately attracted crypto mining operations. This situation may increase now, because China declares cryptocurrency illegal, and many people will look for new locations.
Due to the large amount of energy required, the directors also called on Sweden to stop any new crypto mining operations and prohibit any companies involved in crypto asset transactions or investments from claiming environmental sustainability.
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