Swedish Central Bank called to ban PoW
According to the regulator’s report, the country’s share of mining equals the energy consumption of 200 000 households
11.06.2022 - 09:00
353
1 min
0
What’s new? The Swedish Central Bank has called to ban bitcoin and other cryptocurrencies using the Proof-of-Work (PoW) consensus algorithm because of their negative environmental impact. The regulator published a report titled “Cryptocurrencies and their impact on financial stability,” according to which the share of mining in the country has reached the energy consumption of 200,000 households.
What else does the report say? The document quotes the Environmental Protection Agency’s representatives:
“The Proof-of-Work method, which is used to confirm transactions and extract new cryptocurrencies, should be banned in favor of other, less energy-intensive methods.”
The document also questions the need for bitcoin to be accepted in Sweden.
The New York State Senate approved a ban on fossil fuel-based cryptocurrency mining. The restrictions would be in place for two years. The initiative aims to reduce a “comprehensive generic environmental impact.”
Useful material?
Telegram 
Twitter Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$75 934
BTC
+0.36%
-
Ethereum
$2 880.09
ETH
+5.32%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$0.553609
XRP
+1.64%
-
Dogecoin
$0.191012
DOGE
-2.97%
-
Cardano
$0.396274
ADA
+9.06%
-
Bitcoin Cash
$377.81
BCH
-0.48%
-
Polkadot
$4.14
DOT
+0.4%
-
Litecoin
$71.44
LTC
+0.11%
-
Stellar XLM
$0.10129
XLM
+4.22%