Sweden is taking the lead to persuade the rest of the EU to ban crypto-currency mining to hit the 1.5C Paris climate goal
Sweden is taking the lead to persuade the rest of the EU to ban crypto-currency mining to hit the 1.5C Paris climate goal
38 comments
Yeah because that’s what’s the main cause of our pollution for the past decades! /S
Ban fossil fuels instead. What a useless measure. What’s next, they gonna ban me using my ultra gaming PC and dishwasher ?
Let’s ban the currency that is somewhat independent of our governments control, for the climate of course!
Next thing they will want to ban cash, they already talk about it.
Howbout u ban Facebook instead?
Does… does that mean GPU’s might become affordable again?
Banning mining without banning transactions and banning the cryptocurrencies as a whole is shooting yourself in the foot, but what else can you expect from Sweden.
I approve.
Although have they suggested how such a ban would be enforced and how they plan to detect if someone is crypo-mining?
Put a tax carbon on it, it will elimanate the absurd currencies such as bitcoin (122 kg C02 per transaction)
And exactly how are they gonna do that?
Piracy is illegal too, but.. its still going on.
The market is moving from POW to POS which is much less energy intensive.
The game is already afoot.
I don’t particularly like crypto or it’s fans, but banning mining seems pointless. It’s not a large consumer of energy in the context of the economy and Europe more then any other region is trying to switch to carbon neutral energy.
Driving miners out means they will go mine on dirtier electricity. It’s not like it matters where the coins are mined.
“I’m running my graphics card at full load so that I can play my video game with fancy graphics.”
“Ok, that’s fine.”
“I’m running my graphics card at full load so that I can pay for a video game with fancy graphics.”
“That’s illegal!”
Crypto seems to have some side effects, who would have thought?
Sweden’s biggest electric company Vattenfall sees bitcoin as a possible instrument in leveling energy production in renewable energy sources such as wind power and therefore it’s crucial, that bitcoin mining centralizes where overproduction of renewable energy is available instead of mining with fossil fuels.
Or just listen to some politician googling stuff and try to fight the Internet. You do you Sweden.
Fuck yeah, ban them all! Easiest climate checkpoint ever.
*shakes pon-pons on the world’s loneliest ridiculously oversized parking lot*
*”woooo!”*
🙁
How about instead of banning it, we make it so that all crypto mining has to be done using clean electricity, and the miners have to buy it at an inflated price? Make crypto miners subsidize the clean energy transition.
Or something like requiring crypto miners build their own solar and wind farms and require those farms to produce twice as much as they need for mining?
Please no. I earn 200 euros a month from it.
Total waste of time. As seen following the China ban (literally 60% of all hash power) the mining will simply move elsewhere.
It will have 0 impact on the climate, but it will certainly damage EU’s economic prosperity.
Good. Blockchain is useful but so many desperate people are being taken advantage of by crypto hucksters. The fact that it is an environmental disaster is also awful.
Banning crypto mining will only cause it to move out of Europe.
Can someone explain how this is possible?
https://twitter.com/ercwl/status/1457114531314995206
> Lol, @Vattenfall_Se
, Sweden’s own *state-owned* power company (Sweden’s absolutely largest fossil-free energy producer) just completely rejected the notion—put forth by our financial regulator and environmental protection agency 2 days ago—of bitcoin mining’s wastefulness.
> Instead, they talked about how crypto mining was an excellent ”buffer” in energy production that is highly useful for controllable load management and a way to monetize excess energy which would otherwise go to waste.
> Their stance is that this actually strengthens the power grid, not siphons from it.
That’s from Sweden’s own 100+ year-old state-owned power company.
> They also hinted that if @finansinsp
(our Financial Supervisory Authority) and @naturvardsverk
(Environmental Protection Agency) actually cared about the environment it would be a misguided choice to ban crypto mining *here* where we actually have lots of green energy.
> Their thesis is that if countries with great access and infrastructure to harvest fossil-free fuel were to ban crypto mining, crypto mining will happen in countries and from sources with much worse CO2 emissions. So banning it here would be shooting nature in the foot.
But still no nuclear plants
Excellent news.
It consumes vast quantities of energy, causes global shortages in graphics cards and hard drives, facilitates all manner of crime and for what? The shittiest database you can imagine.
At a time when the world desperately needs to reduce emissions crypto is nothing but climate arson. Its not enough to just ban mining, we also need to ban businesses from transacting in crypto, otherwise they are just moving the emmissions to outside the EU.
Great not only we had Chinese crypto miners setting up shop in the US now we are probably going to see Europeans miners to smh
BASED
They should ban gold too, mining gold uses 10x more energy (and more pollutant) than crypto.
sweden want to fuck with danemark and his crypto farm in greenland
It’s actually shocking how uneducated people are in how crypto works but even more shocking is how confident they’re when giving their opinions and analysis when they have no fucking clue what they’re talking about.
Yes, “we” are missing the goal. Maybe stop subsidising coal and gas power, “your” nord streams and stop putting all of the emphasis of power consumtion on the people. Okey?
I see no problem with this, the amount of energy being used on crypto mining is absolutely mad.
But I use my mining rig for interior heating. It uses the same amount of power as a regular heater but also yields crypto.
Yes PLEASE end this fucking crypto scam!
You can’t ban cryptocurrencies. Just like you can’t ban encryption, email, VPNs, and torrents. They tried and failed. Many times. Cryptocurrencies are nothing more than complicated mathematical calculations. You can’t ban that without banning all technology.
Instead of fearing progress, let’s meet the demand. A new industry is demanding more power. Let’s deliver more power. Build more production capacity. We are seeing the same issue with GPU prices. Demand has skyrocketed but supply hasn’t caught up yet. There is *unprecedented* money flowing into fabrication production right now. In a couple of years we’ll have so many chips we won’t know what to do with them all.
Progress is inevitable. Let’s facilitate it rather than banning it.
Crypto currency is the new tulips. So hot right now.
I was thinking of getting rid of my RTX 2070s, but I guess I’ll keep it for another year.
It’s so typical for politicians to go for a ban “crypto mining” instead of something like “*unsustainable* crypto mining”. The first one is much harder to do, and makes way less sense.
here is something complete insane to think about
how about instead of banning cryptos you invest money on alternative nuclear methords? like molten salt reactors that are infinite times safer than the regular ones?
or hugely invest in geothermal
or force everyone to use led lamps (ban the blue ones )
or be sensible for once