Sweden Wants to Ban Bitcoin Mining! Claims Electricity Consumption of 200,000 Households: Will Europe Take This into Account?

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Sweden Wants to Ban Bitcoin Mining! Claims Electricity Consumption of 200,000 Households: Will Europe Take This into Account?

Sweden is now considering outlawing Bitcoin mining.

The country’s regulators announced this after discovering that crypto mining consumes the same amount of electricity as 200,000 regular households.

Despite the fact that this is unsurprising, the problem could have far-reaching implications.

Many people around the world are still criticizing blockchain mining activities at the moment.

Some of them rail against cryptos, claiming that they make it more difficult for them to buy their desired GPUs or other computer components.

Crypto mining, on the other hand, has been blamed by some experts for the rising SoC shortage, which has resulted in a scarcity of PS5 and other gaming consoles.

However, one of the most serious concerns about blockchain is how much electricity it uses.

Because of a power shortage in Kazakhstan, crypto miners have decided to relocate to Russia.

Sweden wants to make bitcoin mining illegal.

Sweden’s authorities are now urging the European Union to prohibit Bitcoin mining in the country, according to a recent report from PC Gamer.

The directors of the Swedish Environmental Protection Agency and the Financial Supervisory Authority, Erik Thedeen and Bjorn Risinger, were the first to bring this issue up.

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The country’s crypto mining activities increased between April and August, according to them.

The exact percentage, however, was not provided.

According to Thedeen and Risinger of EuroNews, “it is currently possible to drive a mid-size electric car 1.8 million kilometers using the same energy as it takes to mine one single Bitcoin.”

Several Swedish regulators have also expressed concern about blockchain mining’s increased electricity consumption, claiming that the digital coin activity consumes the same amount of energy as 200,000 homes.

What Attracts More Miners to Sweden?

Because of the government’s efforts in renewable energy, Sweden’s electricity is currently quite affordable.

This, however, is a problem because crypto mining operations are becoming more appealing.

According to some experts, Sweden may actually outlaw crypto mining.

Other countries, including China, have already done so.

However, before the restriction is put in place, it will take some time.

In other news, China’s crypto crackdown is getting tougher.

Keep an eye on TechTimes for more crypto news and events.

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