• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Bitcoin

EU And Sweden Discussed Banning Bitcoin Proof Of Work: FOI Documents

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin, Bitcoin Mining, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Sweden’s government is urging the European Union to prohibit energy-intensive cryptocurrency mining techniques such as those employed by Bitcoin.

Indeed, according to documents obtained through a freedom of information request, EU officials discussed the planned ban on Bitcoin trading with their Swedish counterparts during a recent debate on the legislation to abolish Proof of Work mining.

According to officials, such practices cannot be accepted at a time when all states must urgently reduce their energy usage in order to battle climate change.

Suggested Reading | UAE Grocery Delivery Service Accepts Crypto Payments

Form Bitcoin POW To POS

An unnamed forum participant stated that bitcoin should be encouraged to migrate to a more ecologically friendly proof-of-stake (PoS) protocol, as rivals such as Ethereum have already done, and that he did not “see the necessity to ‘defend’ the bitcoin community.”

Cryptocurrency mining relies heavily on proof of work, both to verify transactions and to create new tokens.
Because of proof of work, peer-to-peer cryptocurrency transactions can be conducted safely without the involvement of a third party.

With each additional miner, the amount of energy needed to do proof-of-work increases exponentially.

Image credit: Medium

Proof of Stake (POS) was one of a number of innovative consensus techniques developed as a replacement for proof of work.

‘Economic Damage’ From BTC Mining

Björn Risinger and Erik Thedéen, directors of the Swedish Environmental Protection Agency and the Swedish Financial Supervisory Authority, respectively, wrote an open letter to the EU in early November to warn of the country’s severe economic damage from crypto mining.

Between April and August 2021, energy usage associated with crypto mining surged “several hundredfold” in Sweden. According to officials, this currently equates to the energy consumption of 200,000 households.

Suggested Reading | Bitcoin Investors Have ‘Low’ Financial Knowledge, Bank Study Shows

BTC total market cap at $775.42 billion on the daily chart | Source: TradingView.com

Energy Hungry

According to the University of Cambridge’s Bitcoin Electricity Consumption Index, BTC consumes around 130 terawatt-hours of electricity every year.

They anticipate an increase in that figure. By comparison, Germany as a whole utilized approximately 488 terawatt hours of electricity in 2020.

While this is an imprecise estimate, few experts deny that Bitcoin and other cryptocurrencies require enormous quantities of electricity.

When asked about the effect of an outright Bitcoin ban on investors and retail traders, officials expressed a general lack of worry, noting that all Bitcoin investors are fully aware of the downside risk.

A Contentious Subject

Certain sections of the report have been deleted to protect individual privacy or as part of a “ongoing decision-making process,” implying that a policy on the subject is still being created.

Swedish authorities have already expressed their desire to eliminate proof-of-work for environmental grounds.

These records, however, provide unprecedented insight into the lengths to which some EU authorities are willing to go in order to rein in mining-related energy consumption.

While PoS cryptocurrencies look to be immune to broad regulatory action in the near term, Bitcoin mining will remain a contentious subject in the EU.

Featured image from DZone, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

22 hours ago
Bitcoin

Unexpected Bitcoin Player: Japanese Nail Salon Targets $3-B In BTC Holdings

1 day ago
Bitcoin

Bitcoin Fortress: El Salvador Shields $678-M From Quantum Threat

1 day ago
Strategy

Strategy Investors Pull Back Class Action Suit Over Bitcoin Accounting Revision – Details

2 days ago
Strategic Bitcoin Reserve news Japan

Strategic Bitcoin Reserve Push Ignited By Japan’s Democratic People’s Party

4 days ago
Bitcoin

Are Halvings Just Hype? Analyst Claims Bitcoin’s Market Timing Is Different

5 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    Digital asset mining accelerates: FY Energy Cloud Mining...

    21 minutes ago
  • Най-добрата криптовалута за покупка

    Най-добрата криптовалута за...

    2 hours ago
  • Cloud Mining

    Can Cloud Mining Earn You $100,000 a Month? The Most...

    19 hours ago
  • ETNCrypto

    Win $100 Free Bonus: ETNCrypto Cloud Mining Launches Daily...

    20 hours ago
  • Ripple ecosystem expands: Gemini launches XRP credit card...

    20 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.