The Swedish Financial Supervisory Authority is concerned about the environment
The extraction of cryptocurrency is associated with powerful hardware and high power consumption. This can create potential problems for “miners”. Consumers are complaining about the crisis in the video card market, and environmental activists are calling for bans because of the climate damage. The two groups are joined by the directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, Eric Teden and Bjorn Reisinger.
According to the directors, the extraction of cryptocurrencies increased in Sweden by several hundred percent between April and August. This coincides with the crisis of graphics cards in Europe. Especially in Germany and Austria, where tickets have more than doubled in price.
The Swedes claim that their country uses as much electricity to “dig” crypto as the consumption of 200,000 households. This hinders the achievement of the set goals for reducing the carbon footprint.
The heads of the state agency recommend the imposition of a pan-European ban, which would make the extraction of cryptocurrencies illegal on the territory of the EU.
In the first place, Eric Teden and Bjorn Reisinger believe that the trade and use of crypto in Sweden should be hindered or outlawed. There was a similar development in China. Beijing was considered by many to be a “crypto paradise” a few years ago, but gradually the restrictions became harsher until a complete ban on crypto.
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