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
391
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?
Incidents
We talk about how the events with the collapsed cryptocurrency developed and how the head of Argentina contributed to it
Feb 17, 2025
Market
Once the SEC confirms, the filing will be published in the Federal Register, which will initiate the approval process
Feb 11, 2025
Market
Analysts at JPMorgan Bank believe the asset will continue to face pressure amid growing competition
Feb 6, 2025
Market
The hacker used the account to promote MEOW and DCOIN scam tokens
Feb 6, 2025
Market
The company’s operating expenses rose 693% year-over-year to $1,103 billion
Feb 6, 2025
Crypto regulations
Group head Hester Peirce criticized the regulatory approach formed by former chairman Gary Gensler
Feb 5, 2025