Sweden calls for Europe to ban crypto mining over environmental concerns

[Squid Surprise]

"The University of Cambridge and Digiconomist estimate that the two largest crypto-assets, Bitcoin and Ethereum, together use around twice as much electricity in one year as the whole of Sweden."


I'm willing to wager it doesn't even weigh in.

Well this site gives a bit of a summary...

A LOOK AT THE SUSTAINABILITY OF CURRENCY

World Environment Day & Celebrates 50 Years of Earth Day:

www.thebigchilli.com

It agrees that Crypto is bad for the environment but...

"The extraction, mining, milling and smelting of metal to produce coins is incredibly energy-intensive, and the U.S. Mint estimates that some 40,000+ tons of metal are used to make coins in the country, each year. "

With advancing tech, we might one day find a way to have unlimited energy via fusion (or some other tech)... but any physical currency will always be a problem...

 

[DaveBG]

I hate miners and everything they represent.

Have you counted how much money have you lost based on your hate?

 

[cliffordcooley]

WOW, loosing money based on hatred. If that was the way things worked. This world would be a much different place.

 

[DaveBG]

WOW, loosing money based on hatred. If that was the way things worked. This world would be a much different place.

I mean his hate is probably not recent... say from 2020 but much further back right?

 

[Puiu]

The NEWS of it decreased its value for maybe a week... now the value is just as high as ever... and that was when arguably the 2nd most powerful (and MOST populous) nation in the world banned it...

The EU can ban it if they want... it will have a minimal short-term effect, and have zero impact long term.

If the UK joins a potential EU ban then it would actually have a measurable effect.

 

[Squid Surprise]

If the UK joins a potential EU ban then it would actually have a measurable effect.

I would highly doubt it... but it's irrelevant as it won't be happening....

 

[Puiu]

I would highly doubt it... but it's irrelevant as it won't be happening....

Yeah it won't happen. But loosing Europe would be a huge hit to crypto as it more directly affects the western world.

 

[Squid Surprise]

Yeah it won't happen. But loosing Europe would be a huge hit to crypto as it more directly affects the western world.

Possibly... but Crypto is too strong now... only a dictatorship can hope to ban crypto - and I suspect even China won't be able to keep a lid on it for long. Any nation ruled by greed... I mean... capitalism... will never be banning it.

 

[Puiu]

Possibly... but Crypto is too strong now... only a dictatorship can hope to ban crypto - and I suspect even China won't be able to keep a lid on it for long. Any nation ruled by greed... I mean... capitalism... will never be banning it.

I agree, unless something really huge happens (like the US banning it), crypto will continue to be very strong.

 

[Danny101]

I suspect the claim that crypto is environmentally detrimental is bogus. Crypto is detrimental to the central bank cartels's control. It's decentralization of the monetary system, and they 'hate' it. That's it. Take off the blinders. Update your paradigm. We've been scammed all of our lives. Time for it to stop.

 

[cliffordcooley]

I suspect the claim that crypto is environmentally detrimental is bogus.

The question is not crypto. The question is mining, which crypto for the moment is dependent on. And yes mining is extremely inefficient. If it wasn't inefficient it wouldn't be called mining. It would then be called a simple transaction, the way banks process transactions.

 

[Danny101]

The question is not crypto. The question is mining, which crypto for the moment is dependent on. And yes mining is extremely inefficient. If it wasn't inefficient it wouldn't be called mining. It would then be called a simple transaction, the way banks process transactions.

I think the mining system is designed in such a way to prevent runaway printing that occurs in fiat currencies, preventing the depreciation of value. Inefficient by design.

 

[Puiu]

I think the mining system is designed in such a way to prevent runaway printing that occurs in fiat currencies, preventing the depreciation of value. Inefficient by design.

it's also very inefficient when it comes to power draw from the wall