The government of Sweden gas shown concern regarding the increase in demand for electricity, that has been projected. This is why the government may be considering turning its back, when it comes to mining cryptocurrency. This is according to Sweden minister of energy.
The minting industry of bitcoin in Sweden is one of the largest anywhere in Europe. They may soon find themselves needing to end their preferential treatment of crypto mining.
Green Energy From Sweden May Become Harder To Get For Crypto Miners
Forecasts are being made that the need for energy is growing, when it comes to other sectors. This is why Sweden could soon change their approach to mining cryptocurrency. Khashayar Farmanbar, the minister of energy recently said that the economy of Sweden has started to move. The period of extreme expansion is over. Now there are manufacturing industries that are seeking power.
Sweden has a lot of hydro reservoirs as well as wind parks. These provide clean energy that is cheap is well. This is the main reason why many miners of bitcoin chose Sweden to mine bitcoin in. Now, as worries are rising about the increased demand for electricity, the government has given a task to the Energy Agency in Sweden. They are to estimate the energy used in the digital space, specially by crypto miners.
Crypto mining is to a large extent dependent on whether cheap electricity is available or not, as well as how much a miner can make from cryptocurrency. The downturn the in the crypto market has already affected their profits, while the review that was ordered might make cheap electricity less accessible to crypto miners.
