Friday, December 3

Europe could ban Bitcoin mining

Key facts:
  • According to Swedish regulators, bitcoin mining is very bad for the environment.

  • Sweden believes that bitcoin mining in Europe violates the Paris Climate Change Agreement.

Two Swedish regulatory bodies want the mining of bitcoin and other cryptocurrencies to be banned across Europe. The reason? They consider that this activity causes environmental damage and is violating the Agreement on Climate Change signed in Paris.

This international treaty signed by the United Nations, including all the countries of the European Union, obliges governments to take care of the environment as a whole. Since its creation in 2015, its objective is to limit global warming to below 2 degrees Celsius through a global economic and social transformation.

To achieve this long-term goal, the binding countries agreed to join forces to maximize greenhouse gas emissions. In this way, the planet’s climate would be neutral by the middle of the century. This requires limiting or canceling the activity of any company that could harm the environment.

Faced with this situation, the Swedish Environmental Protection Agency and the Financial Supervisory Authority published a report on the impact of mining bitcoin and other cryptocurrencies. In this document created by Erik Thedéen and Björn Risinger, the directors of the agencies, They implore a ban on the activity in Sweden and the rest of Europe.

Bitcoin mining proved to have lowered its impact on the environment, but it is not enough for Erik Thedéen from Sweden. Source: Twitter.

Europe could run out of bitcoin mining if Paris Agreement violated

Agencies warn that there are two bitcoin mining issues that violate the Paris Agreement. On the one hand, they argue that it generates and releases 120 million tons of carbon dioxide (CO2) into the atmosphere. And, on the other hand, they point out that the electricity consumption required is too high and could be used for other more productive actions.

To generate greater impact, those responsible for the study declared that mining a single bitcoin uses the same energy that an electric car would need to travel 1.8 million kilometers.

However, in the report also point out that the activity could work if it used renewable energy, something that is already being implemented in the industry. As CriptoNoticias reported, a study by Anthony Scaramucci reveals that bitcoin mining will work 100% green by 2030.

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