The fund manager stated that Sweden’s call for a ban on cryptocurrency mining is “completely misleading”

A Swedish financial regulator called for a ban on Proof of Work (PoW) crypto mining in the EU, which is mainly referred to as the method of minting new bitcoins (Bitcoin), has been strongly opposed by crypto-related fund managers.

Melanion Capital, an alternative investment company headquartered in Paris Known for its Bitcoin ETF, To resolve the call of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency to ban PoW mining throughout Europe.

“The claim that Bitcoin miners endanger the power network is completely wrong,” Melanion pointed out, reminding Bitcoin miners that their business model is prone to collapse when the demand for electricity increases, as this will also lead to higher energy prices.

The statement stated that the authorities have chosen Welcome miners instead of banning They, such as Texas, added that Bitcoin miners are complementary to renewable energy generation, “because they capture wasted energy and provide a base load for unstable resources such as wind or hydropower.”

Melanion Capital reminded that due to its decentralized nature, the Bitcoin mining industry did not lobby to defend its interests and negotiate with the government, adding:

“Lack of this political balance [for Bitcoin miners] It should not be seen as an opportunity to implement measures because the industry’s lack of defensive capabilities makes the industry illegal. “

The environmental footprint of Bitcoin mining is an important topic at the UN Climate Change Conference. Speak at the symposium, Cointelegraph Editor-in-Chief Kristina Cornèr says What’s more important is to prepare people in the blockchain field to think and find solutions in a new way of thinking.

related: The Climate Chain Alliance advocates the creation of a green economy at COP26

After surveying one-third of the global Bitcoin network, the Bitcoin Mining Council estimates the sustainable power mix of the global mining industry Increased to 56% in the second quarter 2021.

Bitcoin miners are also looking for other energy resources, and nuclear energy is no exception.The team members are in Bitcoin and Beyond Virtual Summit A reminder of the potential of nuclear energy to introduce “large amounts of clean, carbon-free” electricity to the base load.