Sweden Says Europe Should Ban “Energy Intensive” Bitcoin Mining

Bitcoin mining is an issue that has been affected the gaming industry for years. Now, Sweden is trying to ban “energy intensive” Bitcoin mining in Europe.

Bitcoin mining has a massive effect on the environment. It also affects the gaming industry by limiting people’s access to new hardware. Graphics cards are snapped up by crypto miners, leaving nothing for the average consumer.

Combined with a worldwide chip shortage and the growing problem of resellers, getting your hands on a new GPU is nearly impossible.

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Credit: Unsplash – Maxim Hopman

Crypto Ban

According to Euronews, Swedish authorities are asking the European Union to ban “energy intensive” crypto mining. They say energy consumption of Bitcoin mining rose by “several hundred per cent” between April and August this year.

This increased consumption happened around the same time graphics cards began selling for extortionate prices. According to PCGamer, many graphics cards are selling for double their original price.

Sweden’s top financial and environmental regulators have called for a an EU-wide ban on “proof of work” cryptocurrency mining. They also want the country to “halt the establishment” of crypto mining operations and for companies that invest in crypto to be recognised as unsustainable.

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“Proof of work” is a system used with the world’s biggest crypto currencies. It employs computers to solve complex puzzles in order to validate transactions. However, that consumes a large amount of energy, damaging the environment.

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Featured Image Credit: Unplash – Bermix Studio