Battery manufacturer Northvolt AB believes that Sweden’s state-sponsored green energy bitcoin demanded an end to the waste being used in mining.
The developments were interpreted as the increasing competition in the country to use environmentally friendly energy resources.
Backed by Goldman Sachs, the company operates a battery cell factory in the Skelleftea area.
Northvolt: “Energy Used for Bitcoin Mining Is Waste!”
Northvolt officials claimed that Genesis Digital Assets, which operates Bitcoin mining operations in the country, should not benefit from government-sponsored energy tax incentives.
According to Northvolt, Bitcoin mining contributes little to the Swedish economy and job market.
Company spokesman Jesper Wigardt said in a post on LinkedIn: “Green energy should now be considered the new gold and Sweden is sitting on a gold mine. Unfortunately, we are diverting some of that energy to Bitcoin mining and data centers rather than giving it to industries that generate real value.”
Wigardt claimed that Bitcoin mining does not generate enough industries, despite using a third of the energy produced by the company’s power plant in the Skelleftea region.
The company plans to hire 1,000 people in the region and plans to open a quota of 4,000 people to work in the region in the long term.
Mining company Genesis has not yet made a statement on the subject. However, there was no statement from the Swedish Ministry of Energy.
The country’s financial supervisory authority and environmental protection agency last year cryptocurrency had demanded a Europe-wide ban on mining. However, Sweden’s federal government has not taken any steps to impose any ban on cryptocurrency mining.