Riksbank has published a report titled “Cryptocurrencies and their impact on financial stability” in which it shares the results of its own research on mining on the Proof-of-Work consensus algorithm.

Energiåtgången for bland annat #Bitcoin harökat kraftigt at senasteåren. Center for Alternative Finance vid University of Cambridge has increased the knowledge of Bitcoin-nätverket har peak energy negotiation up to Norge. 🧵 1/4 #Crypto #BTC #Riksbanken

— Sverigesriksbank (@riksbanken) 10 June 2022

The Swedish central bank has called for a ban on Bitcoin and other Proof-of-Work cryptocurrencies due to environmental impact. According to the document, the energy consumption of this mining method is equal to 200,000 households.

“The central bank has no right to tell people what to do with electricity. If they really cared about the environment, they would shut down their operations tomorrow morning, Bitcoin maximalist Knut Svanholm told Cointelegraph.

In response to the Riksbank tweet, he posted a video about bitcoin mining, claiming that the energy used to mine the first cryptocurrency was “wasted”.

Här är en liten video jag och några kompisar har gjort om ämnet: https://t.co/uz4p5Ap7EC

— knutsvanholm.com ∞/21M (@knutsvanholm) 10 June 2022

Christian Ander, founder of Swedish bitcoin exchange BTCX, also criticized the Riksbank report:

“Energy consumption should be neutral, production should be regulated. Don’t regulate what people do with it.”

Contact for information. Ungefär lika olämpligt som gjorde, chief of FIs.
Energiförbrukning ska vara neutral, product ska regleras. See an integrated parser from med.

— 🇸🇪 Christian Ander | Shaded Super Green Encoder (@nderchris) 10 June 2022

In November 2021, Swedish regulators called for a ban on bitcoin mining in the EU due to barriers to compliance with the Paris Agreement on climate change.

Recall that in early June 2022, the founder of Ethereum Vitalik Buterin criticized the moratorium adopted in the state of New York on mining using electricity produced from carbon sources.

According to him, authorities should not choose “which specific applications” can consume energy.