Sweden Directs Electricity to Steel for Jobs, Over Bitcoin Mining

The Swedish government asks the Energy Agency to map electricity consumption of digital infrastructure, such as crypto or Bitcoin mining.

The energy minister of Sweden, Khashayar Farmanbar, prefers directing electricity power to steel plants for jobs, and not to Bitcoin mining, per reports.

“We need energy for more useful things than bitcoin, to be honest,” says the Energy Minister.

The Swedish government is focusing on recording the alarming levels of cheap electricity consumption by Bitcoin miners’ computers. As a result, the Energy Agency is asked to track Bitcoin mining and digital infrastructure power usage.

The new power usage guideline, per reports, might include a power users’ grid access pattern reorganization, such that job creators get preference.

Also read: ECB Research Paper Asks For Ban on Crypto Mining

A November 2021 Finansinspektionen (FI), the Swedish Financial Supervisory Authority, report favored banning energy-demanding cryptocurrency mining. The Swedish Environmental Protection Agency (SEPA) also supports the FI’s Bitcoin mining stance.

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