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Swedish central bankers snipe Bitcoin mining, cite rampant energy use


Swedish central bankers snipe Bitcoin mining, cite rampant energy use

Another day, another environmental attack on proof-of-work (PoW) mining. A report shared by the Swedish central bank argued that energy-intensive Bitcoin (BTC) and cryptocurrency mining should be banned.

The Swedish central bank, known as the Riksbank, is the oldest central bank in the world. In a damning report entitled, «Cryptocurrencies and their impact on financial stability,” the bank had a crack at PoW cryptocurrency mining. PoW mining employs energy-guzzling data centers that solve puzzles to secure blockchains. The report stated:

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