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Swedish Authorities Warn about Cryptocurrency Mining

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FinanceMagnates

Fri, Nov 26, 2021

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Aliens TLDR

The Swedish Financial Supervisory Authority recently published an open letter to the European Union and warned about energy issues of cryptocurrency mining.

Using the aviation industry’s own data from ICAO Carbon Emissions Calculator and adding the high elevation effect shows that the emissions from the two largest cryptocurrency assets’ today is equal to 100 million round-trip flights between Sweden and Thailand,” the letter states.

According to the details outlined by the letter, many cryptocurrency mining firms have moved to Sweden in recent months amid a ban on the mining of digital currencies in China.

Another option is to communicate more widely around the climate problems related to cryptocurrency assets, in the hope that this will lead to both producers and investors demanding a shift to mining methods that require less energy,” the letter added

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