Sweden wants to ban bitcoin mining to combat global warming

Not a first, bitcoin (and cryptocurrencies in general) are energy sinks. In Sweden, the authorities are sounding the alarm and calling for action at the European level.

The Swedish authorities responsible for economic and environmental affairs believe that Bitcoin should be banned in Europe to participate in the fight against global warming, and they hope to achieve the ambitious goals of the Paris Agreement. According to them, cryptocurrency mining is an activity that consumes too much energy to be sustainable from an environmental point of view.

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In Sweden, bitcoin farms consume as much electricity as 200,000 households and the country fears that this will take it away from the path it had set to comply with the Paris agreement, which aims to limit global warming to 1.5 ° C in comparison. to the pre-industrial era. Bitcoin-related energy consumption in Sweden increased by several hundred percent between April and August of this year alone.

That is why Erik Thedéen, director of the country’s financial authority, and Björn Risinger, director of the national environmental agency, are calling for a European ban on bitcoin mining and believe that these companies should be prevented from communicating about liability. ecological of their occupations. Beyond bitcoin, they would also like to incorporate other cryptocurrencies into these decisions, such as ether.

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The giants of the sector are attracted to the Nordic countries where they find cheap electricity for their operations. “Every day 900 bitcoins are mined, while the energy required to extract just one of them would allow a medium-sized electric car to go around the world 44 times,” they lament.

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