-->
bitcoin

Norway may support Bitcoin mining ban in Europe

Norway is expected to back and adopt a blanket Bitcoin mining ban across Europe, in line with the “solutions” suggested by two Swedish regulators.

According to Bjrn Arild Gram, a Norwegian minister of local government and regional development, the country is investigating the environmental concerns posed by crypto mining as well as potential mitigation measures. Euro News reports.

“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 

RELATED: US becomes top Bitcoin Mining hub following China’s crackdown

NEWSBSC Bitcoin banning

He added: “We are currently considering potential policy measures in order to address the challenges related to crypto mining. In the context of this work we will look to the solutions proposed by the Swedish regulators, and our target would be common European regulations in this area.”

The proposal by Sweden’s top regulators, citing “extensive energy use,” implies that Europe must impose a ban on Bitcoin mining to fulfill the obligations signed under the Paris Climate Agreement.

Bjrn Arild Gram, however, did not specify the extent to which Norway will adopt the Swedish-backed proposition.

NEXT: Xiongan New District in China raises alarm on Digital Yuan Fraud

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

bitcoin

Mobius Says Bitcoin Is A Leading Indicator For Stock Indices

Mobius said a lot of people consider “buying down”. He stated that this means that …

Leave a Reply

Your email address will not be published.