Sweden calls for Europe to ban crypto mining over environmental concerns

Squid Surprise

Posts: 4,451   +3,781
"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...


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...
 

cliffordcooley

Posts: 13,075   +6,376
WOW, loosing money based on hatred. If that was the way things worked. This world would be a much different place.
 

Puiu

Posts: 5,064   +3,924
TechSpot Elite
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

Posts: 4,451   +3,781
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

Posts: 5,064   +3,924
TechSpot Elite
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

Posts: 1,937   +818
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

Posts: 13,075   +6,376
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

Posts: 1,937   +818
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.