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Swedish call to ban crypto mining ‘completely misinformed,’ says fund manager
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A Swedish financial watchdog’s call for a European Union-wide ban on proof-of-work (PoW) crypto mining, mainly known as the method of minting new Bitcoin (BTC), has received backlash from crypto-related fund managers.
Melanion Capital, a Paris-based alternative investment firm known for its Bitcoin ETF, addressed the Swedish Financial Supervisory Authority and Swedish Environmental Protection Agency’s call to ban PoW mining across Europe.
“The claim that Bitcoin miners jeopardize the electricity network is completely misinformed,” noted Melanion, reminding that Bitcoin miners’ business model is prone to collapse when the electricity demand increases as it would also increase energy prices.
The statement points to the authorities that have
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