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Major Swedish Power Company Defends Bitcoin Mining as Regulators Propose Ban
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A joint statement from the directors-general of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency has called for a total ban on proof-of-work mining of cryptocurrencies, such as Bitcoin (BTC), within the EU. Meanwhile, Sweden’s state-owned power company is publicly defending crypto mining, saying it has the potential to balance the load on power grids.
According to the joint statement, crypto miners have taken a keen interest in the Nordic region because of the access to renewable energy in the region. It added that this is not in Sweden’s interest, because the country “needs the renewable energy targeted by crypto-asset producers for the climate transition,” as well as for its ability to meet the
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