Swedish government agencies say energy-intensive crypto mining should be banned
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Re: Swedish government agencies say energy-intensive crypto mining should be banned
#2And they are arguably right. Proof-of-work is the technical equivalent of rolling coal, and it's time to cut out the nonsense. We have an ongoing climate disaster to deal with.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#3"If we were to allow extensive mining of crypto-assets in Sweden, there is a risk that the renewable energy available to us will be insufficient to cover the required climate transition that we need to make. This energy is urgently required for the development of fossil-free steel, large-scale battery manufacturing and the electrification of our transport sector. Based on estimates from Cambridge University, it is currently possible to drive a mid-size electric car 1.8 million kilometres using the same energy it takes to mine one single bitcoin. This is the equivalent of forty-four laps around the globe. 900 bitcoins are mined every day. This is not a reasonable use of our renewable energy."
Could not be clearer: either you allow Bitcoin, benefitting only a few miners and users, or you let society as a whole transition to a more sustainable future.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#4Crypto mining, specifically. Title needs to be updated.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#5I hope this gets some traction in other places too.
I actually have to give China credit for making the right moves there, given our climate disaster, crypto is a doomsday cult as long as proof-of-work is a thing.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#6Crypto mining, specifically. Title needs to be updated.
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Re: Swedish government agencies say energy-intensive crypto mining should be banned
#7Good for them. The situation we’re in at the moment would be rejected as a sci-fi plot. We’re at a critical point in human history that will largely be defined by whether we as a species can save the environment, but a section of society are obsessed with speculating on a digital currency that corresponds to how much carbon you’ve released into the atmosphere for no reason other than to prove you own it.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#8Crypto mining, specifically. Title needs to be updated.
Yeah, Sweden has an extensive ore mining sector. I expected to learn about the energy efficiency of different mining techniques, would be really interesting.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#9Proof of work for mining should pay hefty carbon tax.
Various other industry already pay that tax, why not mining crypto? Crypto fans make various claims, so lets check that. E.g. Any new etherum block carbon footprint would be verified through oracle and smart contracts. Based on that it will be subject to tax that will go to carbon-capture companies.
With that incentive, crypto could innovate to better methods and be buyer of last resort of clean energy.
Crypto can adapt quickly, climate can’t. We can not afford new carbon intensive industries.
Re: Swedish government agencies say energy-intensive crypto mining should be banned
#10The basic idea of the economy is people can earn the right to energy, and then direct it to a goal of their choosing.
The government making a value judgement about what type of commercial activity is worthwhile is extremely risky. Countries with innovative financial and credit systems have historically steamrolled those that don't have such innovations. We still don't understand the nature of crypto.