The amount of excess energy consumed in crypto currency mining has been a subject that has been criticized by all countries of the world and thought to be taken into account.
In this context, the Swedish Financial Supervisory Authority and Environmental Protection Agency published an article in which they draw attention to the excess amount of energy consumed by crypto mining through Proof-of-Work in the country.
In the article, it was stated that in addition to the excess energy consumed by cryptocurrency mining, it also produces carbon dioxide, and the following issues were mentioned:
“Crypto-miners are keen to use more renewable energy and their numbers are increasing day by day in the Nordic region.
Sweden needs renewable energy targeted by crypto asset producers for the climate transition of our core services. If crypto mining is allowed, it will make it harder to meet the provisions of the Paris Climate Agreement.
Therefore, energy-intensive mining of crypto assets should be banned.”
Consumes Twice the Energy of Sweden!
Cambridge University, on the other hand, shared that it estimates that the two largest crypto assets, Bitcoin and Ethereum, together use twice as much electricity in a year as the whole of Sweden.
Based on Cambridge University’s estimates, the Swedish principals said in the article that it is possible to drive a medium-sized electric car for 1.8 million kilometers using the energy required to mine a single Bitcoin, which is equivalent to forty-four laps around the world.
Considering that 900 Bitcoins are mined in Sweden every day, Swedish financial regulators concluded that renewable energy is not being used at a reasonable rate.