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 (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: