Financial regulator renews a call for an EU ban on proof-of-work cryptocurrency mining.
Thedéen, who also serves as director-general of Sweden’s Financial Services Authority, noted that bitcoin mining has become a “national issue” for his own country. In November, he and Björn Risinger, head of the Swedish Environmental Protection Agency, singled out proof-of-work mining as the main reason for bitcoin’s high energy usage and“The solution is to ban proof of work,” Thedéen has now insisted again, emphasizing that proof-of-stake has a significantly lower energy profile.
Cryptocurrency mining has been criticized for its growing impact on the environment. Last May, China — which at the time had the largest share of the global hashrate — launched aon the industry following President Xi Jinping’s pledge to achieve carbon neutrality. Miners have been working to increase the proportion of renewable energy in the mix that powers their hardware.
It would be an irony if the wind power generated on Sweden’s long coastline would be devoted to bitcoin mining. Mining companies have been relocating to countries with developed wind and solar power generating capacities such as Sweden and Norway, which backing the Swedish proposal. Thedéen now warns that if authorities fail to intervene, a significant amount of renewable energy would go towards minting digital currencies instead of helping traditional services move away from coal-powered energy sources.
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