Energy Minister: Sweden Needs Power for Uses Other Than Bitcoin Mining

August 31, 2022

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Energy Minister: Sweden Needs Power for Uses Other Than Bitcoin Mining. Sweden’s energy minister noted that the Swedish government is concerned about the expected increase in demand for electricity, which could lead to a return to cryptocurrency mining. The Swedish Bitcoin mining industry, one of the leaders in Europe, may soon lose preferences, media reports. In other areas, among energy needs, Sweden can change its access to the cryptographic mine. In a recent interview, Minister of Energy Kashayar Formanpar said: “Swedish economy” seeks to provide our entire product to expand the government. “He quoted Bloomberg and said.As Hydra Services and its air parks offer pure and powerful electricity, Sweden has attracted many Bitcoin miners and its currency -metaphor is not the largest in Europe. However, the government in Stockholm, concerned about the increase in energy consumption, commissioned the Swedish Energy Agency to assess energy consumption in the digital space, especially in cryptocurrency mining.

The location of mining farms is often determined by the availability of cheap electricity, while the profits of their operators depend on the price of crypto assets. The results of the mandate review will worsen the first of these conditions, and the collapse of the cryptocurrency market has already affected the other.Among those who believe that blocking cryptocurrency mining will benefit them are companies in the Swedish steel industry. For example, SSAB plans to organize fossil-free generation and insists that grid operators prioritize their industrial projects rather than connecting users on a first-come, first-served basis. Thomas Hirsch, head of SSAB Energy emphasized that carbon dioxide emissions in Sweden can be reduced by 10%. “For example, should we use bitcoin mining to produce fossil-free steel? This is completely unthinkable in a free market,” Farmanbar said, noting that ahead of expected disruptions, Sweden needs to see if it uses its own energy. It doesn’t matter”. in the best way His comments came amid mounting pressure on politicians like him to tackle global warming.

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