{"id":29473,"date":"2022-06-30T04:52:38","date_gmt":"2022-06-30T04:52:38","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=29473"},"modified":"2022-06-30T04:53:12","modified_gmt":"2022-06-30T04:53:12","slug":"news-commentary-1704-roboticsonline-swedish-bank-critics-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=29473","title":{"rendered":"News Commentary #1,705 \u2013 RoboticsOnline | Swedish Bank Critics Bitcoin..?"},"content":{"rendered":"<p><a href=\"https:\/\/emilynews.com\/link.php?id=1444\" target=\"_blank\" rel=\"noreferrer noopener\" data-wplink-edit=\"true\">RoboticsOnline<\/a> (reviewed <a href=\"https:\/\/emilynews.com\/blog\/?p=15960\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>) has recently added an article about the criticism towards the king of crypto currencies &#8211; <strong>Bitcoin<\/strong> from the Swedish Central Bank. Could this be a small brick of the wall of the downward pressure that the main crypto coin got this month together with panics about LUNA scam and few other cases..? Sooner or later the whole pazzle must be constracted..<\/p>\n<blockquote>\n<p><img decoding=\"async\" class=\"img-fluid mb-5 d-block mx-auto alignnone\" src=\"https:\/\/imgur.com\/4c8rChF.jpg\" alt=\"\" \/><\/p>\n<h2>Swedish central bank critics Bitcoin citing high energy consumption<\/h2>\n<div class=\"row row-left\">\n<div class=\"col-md-9\">\n<ul>\n<li>The Swedish central bank has advocated for a ban on PoW mining<\/li>\n<li>The institution noted that PoW mining consumed a high amount of energy<\/li>\n<li>The Riksbank report has been criticized by the Bitcoin community<\/li>\n<\/ul>\n<p>The Bitcoin network runs on a proof-of-work consensus. PoW has been criticized for being energy-intensive, and the latest criticism on the matter has been shared by Swedish central bankers.<\/p>\n<p>A recent report by Riksbank advocated for a ban on Bitcoin mining in Sweden because of the high amount of energy consumed by the PoW consensus. Bitcoin supporters on Twitter were quick to react to this report.<\/p>\n<h2>Sweden&#8217;s central bank advocates for a PoW ban<\/h2>\n<p>PoW has been under attack globally, with different institutions and governments calling for a ban on Bitcoin mining. The Swedish central bank, also known as Riksbank, has now said that energy-intensive crypto mining activities such as Bitcoin mining should be banned.<\/p>\n<p>Riksbank is one of the oldest central banks globally. The released report titled\u00a0<i>&#8220;Cryptocurrencies and their impact on financial stability&#8221;<\/i>\u00a0said that the bank was condemning the PoW cryptocurrency mining system. PoW mining involves installing data centers that need an ample supply of energy.<\/p>\n<p>Riksbank&#8217;s report said, &#8220;Recently, some extraction of crypto assets has been established in northern Sweden, where it consumes as much electricity as 200,000 households do on an annual basis.&#8221;<\/p>\n<p>The Riksbank report has also cited previous studies by the environmental agency and the Swedish Financial Supervisory Authority, a regulatory body for financial markets in the country. According to the bank, PoW mining\u00a0<i>&#8220;should be banned in favor of other, less energy-intensive methods.&#8221;<\/i><\/p>\n<h2>Crypto Twitter reacts<\/h2>\n<p>The crypto community on Twitter was quick to react to this report. Knut Svanholm, who has authored a book on Bitcoin, said that a central bank did not have to educate people about what they can do with their electricity. He further noted that central bank operations also affected the environment.<\/p>\n<p>Svanholm further added that\u00a0<i>&#8220;Bitcoin mining is guessing a number over and over again. [\u2026] As so many other Swedish institutions have done before them, they [the central bank] choose to comment on something that they don&#8217;t understand and have no business having even an opinion on.&#8221;<\/i><\/p>\n<p>The report comes amid the growing adoption of Bitcoin in Sweden. The country is home to several Bitcoin startups. Besides, Svanholm, the founder of the BTX Bitcoin exchange in Sweden, also refuted the report. Other Bitcoiners in the country have also called out the central bank. Svanholm even shared a video on YouTube illustrating that Bitcoin mining energy is not wasted.<\/p><\/div>\n<\/div>\n<\/blockquote>\n<p>Check <a href=\"http:\/\/emilynews.com\/blog\/\"><span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span><\/a> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>Simply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>or Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" sizes=\"auto, (max-width: 544px) 100vw, 544px\" srcset=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg 544w, https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1-272x300.jpg 272w\" alt=\"\" width=\"544\" height=\"600\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RoboticsOnline (reviewed here) has recently added an article about the criticism towards the king of crypto currencies &#8211; Bitcoin from the Swedish Central Bank. Could this be a small brick of the wall of the &hellip; <a title=\"News Commentary #1,705 \u2013 RoboticsOnline | Swedish Bank Critics Bitcoin..?\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=29473\"><span class=\"screen-reader-text\">News Commentary #1,705 \u2013 RoboticsOnline | Swedish Bank Critics Bitcoin..?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":24181,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-29473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>News Commentary #1,705 \u2013 RoboticsOnline | Swedish Bank Critics Bitcoin..? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=29473\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,705 \u2013 RoboticsOnline | Swedish Bank Critics Bitcoin..? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"RoboticsOnline (reviewed here) has recently added an article about the criticism towards the king of crypto currencies &#8211; Bitcoin from the Swedish Central Bank. 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