Swedish Financial Supervisory Authority calls for a ban on mining in the EU
According to the regulator, cryptocurrency mining will prevent the region's ability to meet the goals of the Paris Agreement on climate change

08.11.2021 - 13:30
368
1 min
0
What's new? The Swedish Financial Supervisory Authority (FSA) and the Environmental Protection Agency have called for a ban on cryptocurrency mining for assets based on the Proof-of-Work algorithm. The regulator has asked the European Union to impose a restriction on cryptocurrency mining projects because they consume too much energy:
“Sweden needs the renewable energy targeted by crypto assets by crypto-asset producers for the climate transition of our essential services. Increased use by miners threatens our ability to meet the Paris Agreement on climate change.”
What is the essence of the statement? Citing a Digiconomist report, the FSA mentioned the fact that Bitcoin and Ethereum miners use twice as much electricity in a year as all of Sweden. As the value of crypto assets rises, the number of people wanting to make money from mining them increases. The researchers emphasize that more emissions are released during the mining of digital coins because of the increasing complexity of computing.
What do the experts say? The head of the Financial Supervisory Authority, EtikThedéen, and the head of the Environmental Protection Agency, Björn Risinger, stressed in a statement:
“There are other mining methods that can also be used for bitcoin and Ethereum. They are estimated to reduce energy consumption by 99,95% while maintaining functionality.”
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