Sweden’s call to ban crypto mining gets Norway’s support as the country is looking for ways to limit its carbon footprint. This is why Norway could go all the way while supporting Sweden’s proposal. At the same time, it will assist the European ban on proof-of-work-related mining. The idea is to make sure there is a transition to more sustainable and efficient protocols. For example, we have the proof-of-stake and proof-of-history used in various cryptocurrencies. In fact, Ethereum is already moving from proof-of-work to proof-of-stake consensus with the new version.
Norway minister doesn’t totally approve of using renewable energy for mining
While a lot of Bitcoin users justify its mining by the usage of renewable energy, the Norway minister doesn’t approve. Even though it is a good step, it’s not something that will be totally justifiable. The government does understand that crypto mining can reap benefits in the long run and also with the usage of renewable energy, but that doesn’t justify it completely at present. Sweden and Norway are becoming increasingly popular as a place to mine crypto. They have a lot of energy resources and are great for any minor who wants to use renewable energy for the same. Their electricity rates are also very cheap, which makes the mining business more sustainable.
And this might be the reason that the government is not happy that the renewable energy they are producing is going towards mining crypto. One of the ministers said that they want the electricity to be used in something that produces value and supports the transition to a better environment.
This is also the reason that they are urging miners to shift from the proof-of-work concept to proof-of-stake. It could also be something else that is efficient and not power-hungry. The officials are also in support of hybrid models. But they do not understand that anything that is not proof of work comes with a risk of being compromised. For example, in the proof of stake model, if someone or a group manages to get more than 50% of holdings, they can do whatever they want.
What are your thoughts on Sweden’s call to ban crypto mining? And do you think this is a justifiable step to reduce the carbon footprint they have? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.