Bitcoin mining: miners won’t be kicked out of this country anytime soon!

For Swedish Energy Minister Khashayar Farmanbar, providing electricity to job-creating projects such as steel mills is far more important than devoting more capacity to bitcoin miners gobbling up increasing amounts of energy.

” We we need energy for more useful things than Bitcoin, to be honest […] We are moving from a period of administration to extreme expansion where our entire manufacturing industry seeks to electrify “, he advanced to justify himself.

This is a sensitive approach to address Bitcoin growth. In so much as there is physical limits on scaling up (clean) energy, it should be prioritized for productive uses. Govt shouldn’t ration energy consumption, but they don’t need to all cost the same. https://t.co/0mhvReUKFT

As a reminder, Sweden is the largest industry in Europe for BTC mining.

Two solutions considered

At the end of June, the Swedish government asked the National Energy Agency to find solutions for tracking the amount of energy used by digital infrastructure, with a focus on cryptocurrency mining. If none of these solutions have yet been unveiled, two hypotheses are quite interesting.

This would mean, for example, changing the order in which new electricity users obtain access to the network in order to give priority to those who bring a tangible benefit to society, to the detriment of the principle of “first come, first served”. The other solution could be to limit the preferential tax treatment that currently applies to all data centers, regardless of their use.

According to technical analysis and opinions expressed by Gov Capital, the forecast for 2023 is for BTC to reach $52,639. At the end of the next five years, the Bitcoin price could cross the $237,503 mark. Impressive numbers as BTC is currently trading above the $20,000 mark.