The 26th UN Climate Change Conference has not yet ended, and Swedish regulators are already calling for a ban on cryptocurrency mining in the EU, as a threat to the implementation of the international agreement.
According to the Swedish financial inspectorate, mining crypto assets using the Proof-of-Work algorithm is too energy-intensive and increases the threat of climate change. Under public pressure, miners are trying to switch to renewable sources, but this situation threatens a shortage of electricity in the Scandinavian region.
On the one hand, cryptocurrency mining catastrophically increases the carbon footprint in the atmosphere. On the other hand, it threatens other sectors of the economy with shortages.
According to regulators, the mining industry needs to be switched to more environmentally friendly mining methods that will reduce energy consumption by 99.95%. Before the issue is radically resolved, Sweden proposes:
- Consider a ban at the EU level on the mining of PoW cryptocurrencies;
- Take strict measures to limit the development of crypto-mining using energy-intensive methods;
- Prohibit calling a product mined by PoW mining, describing or selling it as safe.
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