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Swedish energy minister frowns over Block reward mining

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The Swedish minister has called for input of energy into useful things rather than wasting ot on Block reward mining.

As Sweden’s profile as a friendly digital currency block reward mining destination grows, the country’s Energy Ministry is rethinking its stance towards the industry. It now says that the country would be best served by directing its energy to job-creating activities such as steel mining rather than block reward mining as power becomes scarcer in the Scandinavian nation.

Sweden is experiencing economic growth, and with it, the country’s demand for energy is growing, Energy Minister Khashayar Farmanbar told Bloomberg in an interview. As such, it’s becoming critical for the country to rethink its energy policies to ensure that the most beneficial sectors to the economy are prioritized, and BTC mining isn’t among them.

“We need energy for more useful things than Bitcoin, to be honest. We are moving from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify,” Farmanbar stated.

The energy minister insists that the country can’t serve all industries equally and that a tough decision will have to be made at some point.

“There will be bottlenecks, and that means you have to look into whether we are using energy in the best possible way. Is Bitcoin mining what we should be using power for, when we can use it for making fossil-free steel, for example? It is not entirely trivial in a free market,” he told Bloomberg.

 

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