Norway Join Hands With Sweden To Ban Bitcoin Mining On EU level
According to Euronews Next, Norway is considering supporting European sanctions on bitcoin mining bans, which has become part of a series of popular destinations during China’s mining expeditions.
Sweden called on the European Union (EU) to ban bitcoin mining on November 9, as Swedish regulators believe that proof of work mining can prevent the country, the European Union, bitcoin, and other cryptocurrencies from complying with the Paris Agreement on climate change.
Bjørn Arild Gram, The country’s Minister of Local Government and Regional Development said that
“Although crypto mining and its basic technology are indicative of some success, in the long run, it is difficult to justify the widespread use of renewable energy today.
We are now looking at potential policy measures to address the challenges associated with crypto mining. In the context of this work, we will look at the solutions suggested by the Swedish regulators and our goal is general European control in this area.
In both countries, the energy consumption of local miners increased by hundreds of percent between April and August, making it difficult to cope up with electricity requirements and climate commitments.
Due to the abundance of renewable energy sources and low electricity prices, Norway, Sweden, and Iceland have become popular destinations for crypto mining.
The level of difficulty – whether miners should work hard to check transactions on the block while Bitcoin saw an increase of 4.69% last week, the ninth consecutive increase from four consecutive declines since May. According to data from BTC.com.
However, a slight decline is expected in the next setting, which is expected to occur by the end of this week.
The European Commission has indicated that it supports the idea of abandoning the proof-of-work consensus algorithm and rather supports the low-energy-intensive proof-of-stake model.