Crypto mining is hitting the world pretty hard right now. Whether you’re getting a graphics card for your new gaming beast or just looking after the environment, you likely have concerns about crypto.
Well, if so, you are not alone, according to Euronews. The directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency, Erik Thedéen and Bjorn Risinger, have raised concerns about the country’s ability to meet climate commitments.
According to the directors, crypto mining in Sweden skyrocketed by several hundred percent between April and August. This is in line with what we saw in the graphics card markets in Europe. Especially in Germany and Austria, where cards are offered for more than double the recommended price, probably mainly to mine crypto.
They say the current bitcoin mining in the country is using as much electricity as 200,000 ordinary households. We have seen some pretty devastating effects on power ourselves when it comes to transaction agreement targets.
You are not the only one. The directors of the largest financial and environmental regulators in Sweden are aiming for an end to the proof of work in crypto mining. In this way, many common cryptocurrencies are minted and contain mathematical problem solutions that require a lot of computing power. That could save a few hundred thousand houses in electricity in Sweden alone.
Electricity prices in Sweden are relatively good, and unfortunately, thanks to renewable energy efforts, the country is attracting crypto-mining operations. This is likely to increase now too, as China has made cryptocurrencies illegal and many will look for new locations.
Directors are also calling for Sweden to stop all new crypto mining operations and prohibit companies involved in trading or investing in crypto assets from claiming environmental sustainability due to the huge amounts of energy required.
If you’re looking for a new gaming rig, check out our Black Friday deals. Just promise you won’t start a crypto farm first.
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