Norway May Support Sweden’s Initiative to Ban Crypto Mining in the EU

In a joint statement, the head of Sweden’s Financial Conduct Authority, Eric Tedeen, and the head of the country’s Environmental Protection Agency, Bjorn Reisinger, called for a ban on the mining of digital assets due to excessive energy consumption.

The officials noted that at the current market value, cryptocurrencies lead to emissions of up to 120 million tons of CO2 into the atmosphere per year. The same carbon footprint is left by 100 million roundtrip flights between Sweden and Thailand.

Due to the availability and low prices of electricity in Scandinavia, many miners are considering moving to the region, which could jeopardize the fulfilment of obligations under the Paris Agreement on climate change.

The Norwegian government intends to consider the possibility of supporting Sweden’s initiative to ban cryptocurrency mining at the EU level.

According to the Minister of Local Government and Regional Development Bjorn Arild Gram, today it is difficult to justify the widespread use of renewable energy by mining enterprises, despite the possible advantages of the industry in the future.

He added that the Norwegian authorities will consider the proposals of colleagues from Sweden, as well as begin work on the common European rules for the mining industry.

At first, the use of renewable energy sources for cryptocurrency mining was suggested by billionaires Elon Musk and Jack Dorsey.

After that, many mining enterprises began to switch to renewable electricity for mining cryptocurrencies, which reduced their negative impact on the environment. New York Digital Investment Group (NYDIG) even carried out research that was to determine the changes in carbon emission of Bitcoin in the future. They predicted different scenarios for Bitcoin that depended on its estimated price in a decade.

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