Sweden’s Bitcoin Mining Concerns; eToro Limits ADA and TRON

Highlights

  • The current mining of Bitcoin in Sweden uses as much energy as 200,000 regular households
  • eToro said that US users will no longer be able to open new positions in Cardano and Tron
  • The Sandbox announced it’s opening part of its Metaverse in a play-to-earn event 

The directors of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency have raised concerns about the impact Bitcoin has on Sweden’s ability to meet climate obligations.

Erik Thedéen and Bjorn Risinger say crypto mining skyrocketed in Sweden by several hundred percent between April and August, this year. They added, the current mining of Bitcoin in the country uses as much energy as 200,000 regular households.

The mining of Bitcoin involves the use of powerful computers used to solve complex mathematical problems in order to mint new coins.

Sweden Concerned over Bitcoin Mining I Sandbox's Metaverse Event

 

Large Bitcoin mines can sometimes include hundreds of these high-powered computers, resulting in a huge uptake of electricity.

Earlier this year, Bitcoin mining came under fire when Tesla billionaire, Elon Musk, said that Tesla would no longer accept Bitcoin in exchange for their electric vehicles. He cited as the reason Bitcoin’s excessive use of energy for its mining activity.

Subsequently, a study by The University of Cambridge found that Bitcoin mining uses approximately the same amount of electricity, per year, as some small countries.

eToro Limits ADA and TRON

Popular trading platform, eToro, says it will be restricting crypto assets, Cardano (ADA) and Tron (TRON), for its U.S. customers starting in December.  

In a statement, published Tuesday, eToro said that US users  will no longer be able to open new positions in Cardano and Tron, adding it will also no longer receive staking awards for  Cardano and Tron.

The restrictions for opening a new position in either of the cryptos will take effect on December 26, while the staking will cease on December 31.

The announcement has had an adverse impact on Cardano and Tron, with Cardano dropping nearly six percent in the past 24 hours.

Similarly, Tron’s price has also dipped, sinking five and a half percent in the past 24 hours. Source

Cardano founder, Charles Hoskinson, took to Twitter on Tuesday, saying the decision by eToro was because of a “systematic lack of clarity” in crypto regulation worldwide.

Altcoin News

Virtual reality blockchain, The Sandbox, has announced its opening part of its Metaverse in a play-to-earn event, which will span several weeks.

The Sandbox’s Metaverse allows users to monetise their time in the virtual space by purchasing land and creating non fungible tokens (NFTs) within the space, thereby earning the native currency of the Sandbox platform, SAND Token.

The event, which is due to start on November 29, will be limited to just 5,000 lucky players, who will have the chance to earn up to a thousand SAND, which equates to approximately US$7,000.

Winners and Losers

winners and losers in cryptocurrency trading

Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

Comment


Disclaimer