Sweden is taking the lead to persuade the rest of the EU to ban crypto-currency mining to hit the 1.5C Paris climate goal

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The following submission statement was provided by /u/lughnasadh: — Submission Statement. >>Under the proof of work system, computers must solve mathematical puzzles in order to validate transactions that occur on a given network. >>The process is designed to become more difficult as the number of blocks of validated transactions in the chain increases, meaning more computing power – and therefore energy – is required. Why is this model so prevalent among crypto-currency developers? Visa can handle vast numbers of global transaction, without needing the electricity requirements of medium sized countries. If the EU joins China in banning it, it will be doing the world a favor. If this spurs the growth of useful new currencies, that aren’t just get-rich-quick schemes for their creators, it will be doing the world a double favor. — Please reply to OP’s comment here: /r/Futurology/comments/r0hrj0/sweden_is_taking_the_lead_to_persuade_the_rest_of/hlsd7tw/

FuturologyBot

were we not already on our way to blowing past 1.5C even without crypto mining?

trojancourse

So we are going to push crypto mining into the third world and call it “ecenomic development” ?

lemon_tea

Great, another meaningless move that isn’t anything like what needs to be done, just another distraction from the actual issue.

HopHunter420

A lot of strong opinions here, I’m glad this debate wages on and is (mostly) civil. One of the main comparisons I’m seeing a lot here is that “Visa does it better and with less energy”. How long has Visa been around and how much energy have they expended creating their global network? Also, how much have they skimmed off the top for each and every transaction? Something along the lines of 3-4% which is huge. Additionally, even for legal activities like onlyfans adult content, they have flexed their puritanical might to try to snuff that out. They are not the default, end-all gatekeeper of monetary transactions, they’ve just been winning for the last 70 years or whatever. Credit companies, banks, governments are all terrified of losing their death grip they’ve had over money since pretty much forever and they’re losing it at an alarming rate. Hence, they need to (try to) put a stop to it by any means necessary. I will also agree that mining energy consumption is a growing problem we need to solve, but simply banning it will not work IMO. Definitely imperfect, but a global carbon tax would much more fairly address our global energy production/consumption problems, for example. If you produce cars, software or Bitcoin using dirty energy, you need to responsibly pay more.

BlazingPalm