Regulator Wants EU Ban On Energy-Sucking Crypto Mining

[Budi]

https://oilprice.com/Latest-Energy-News/World-News/Regulator-Wants-EU-Ban-On-Energy-Sucking-Crypto-Mining.html

On Energy-Sucking Crypto Mining
By Charles Kennedy - Jan 19, 2022, 10:30 AM CST

The European Union should consider banning the more energy-intensive method of cryptocurrency mining, as using a lot of energy undermines the bloc’s climate goals, the vice-chair of the European Securities and Markets Authority (ESMA), Erik Thedéen, told the Financial Times.
Crypto mining has become a lucrative business, but its mining method “proof of work” consumes a lot of energy, which ultimately has officials and analysts question the social benefit of cryptocurrencies.

“We need to have a discussion about shifting the industry to a more efficient technology,” Thedéen, a Swedish national and director general of the Swedish Financial Supervisory Authority, told FT.
Thedéen, however, underlined that he was not proposing a discussion about totally banning crypto mining.

SNIP
The rise in the energy-intensive mining of Bitcoin and other cryptocurrencies comes at a time of record-high energy and power prices in Europe, which has been struggling for months with low natural gas stocks, low supply of gas from Russia, and, at times, low wind speeds, necessitating more fossil fuels to generate electricity.

Two months ago, Sweden’s authorities, including the Swedish Financial Supervisory Authority, called for an EU-wide ban on the proof of work method of crypto mining, arguing that the surge in energy consumption threatens Sweden’s chances of meeting its goals and obligations under the Paris Agreement.
Sweden’s neighbor Norway, which is not an EU member, could back the Swedish proposal for a ban on the energy-intensive method of crypto mining.

Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today,” Gram said.
Sweden, Norway, and Iceland are popular with crypto miners, especially after the Chinese crackdown on cryptocurrencies.

[TheBlackAdder]

1. Call crypto mining what it is, effectively hacking into someone's secured bank account.

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People running servers with a pile of cuda-core graphics cards should be criminally charged.

There's no reason to have PCs or servers with all slots dedicated to these cards, other than theft.


Check out these hacking rigs, upwards of 400W per card. The demand for these video cards caused global shortages and drove the price up from $300 to over $750 per card. This affected many PC sales and spiked costs to regular consumers who just wanted a gaming PC. As you can see, it's highly lucrative to do this because you never know how much of a coin is in an envelope:









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[Budi]

2. Crypto/Bitcoin was 1st mass promoted by Putin as a method of money laundering

Simply because global tracking of money was not set up to detect crypto as currency.

I'm pleased that these EU countries are looking at Crypto energy consumption as a legit reason to slow it's growth.