Norway thinking on Sweden’s Crypto Mining ban plan
The authorities of Norway are mulling over the crypto mining ban plan of the Swedish authorities to protect the environment’s health.
A few weeks ago, The authorities of the Swedish announced their plan to ban cryptocurrency mining activities to protect the environment. But due to negative and positive points regarding this plan, Norway is thinking more deeply on this matter.
The Norwegian government is looking to find a better solution over the suggestion of the Swedish authorities to ban crypto mining. Authorities of Norway are planning on a solution that can be imposed on Swedish and all European countries.
Mr. Minister Arild Gram, speaking on the Euro news, said that crypto mining have their separate benefits and further continues
“Although crypto mining and its underlying technology might represent some possible benefits, in the long run, it is difficult to justify the extensive use of renewable energy today”
Along with the Nordic nation, Iceland, both of these countries grabbed attention in the crypto mining industry as a better place for crypto mining firms. The main reason for the better ecosystem of such countries for crypto mining is because of the available abundant amount of renewable sources of energy. And that leads to low-cost electricity.
Industries ( non-household) in the European Economic Area (EEA) are consuming 90% of electricity from the hydroelectric power plant.
Recently, the financial services and environmental protection of Sweden announced the ban of proof-of-work-based crypto mining operations in overall European countries. Authorities of Sweden also claimed that in the future, EU-based countries may face big issues because the energy consumption by the Bitcoin mining firms increased by many folds.
“Sweden needs the renewable energy targeted by crypto-asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement,”
Read also: Argentine authorities impose a new taxation rule over crypto exchanges
