Europe’s one of the largest crypto currency mining sector Sweden prefers to supply electricity for the production of decarbonized steel making life difficult for virtual miners as rising energy prices have presented Sweden with a choice to supply electricity for job-creating projects such as steel mills or allocate more power to bitcoin miners, which require more and more energy. Sweden’s Minister of Energy Mr Hashayar Farmanbar indicated that the government is inclined to support metallurgists in this competition. . In a recent interview, Mr Farmanbar remarked that “The Swedish economy is moving from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify. We need energy for more useful things than bitcoin, to be honest.” Two options have been discussed. One is to change the order in which power users are connected to the network, prioritizing those that presumably bring more benefits to the society, such as creating a large number of jobs. The other possible move is to limit the scope of the preferential tax treatment that all data centers currently enjoy. The argument is that the intended purpose of this incentive was to attract multinational corporations such as Microsoft and Facebook, not crypto mining businesses The location of crypto mining farms is largely determined by the availability of cheap electricity while the profits for their operators depend to a large extent on the prices of crypto assets. With its hydro reservoirs and wind parks providing clean and low-cost electricity, Sweden has attracted many bitcoin miners and its coin minting industry has become one of largest in Europe. However, worried about its increased power consumption, the government has tasked the Swedish Energy Agency to estimate the energy usage in the digital space, especially crypto mining. The results from the ordered review are likely to worsen the first of these conditions and the crypto market downturn has already affected the other one. SSAB, which plans to make fossil-free steel, said grid operators should prioritize industrial projects like its own, rather than connecting users on a first-come, first-served basis, as they do now. SSAB official said “You can take into account which projects bring the most benefit to the climate and society. We could cut Sweden's carbon emissions by 10%.” Sweden's steel companies have chosen to specialize within different areas. Production is focused on highly finished products which mainly go for export. Committed and competent employees are the foundation of the steel industry's success. Iron and steel is produced at thirteen plants in Sweden. In addition to these, there are plants for the processing of steel. For historical reasons, the majority of the steelworks are found in Bergslagen. Bjorneborg Steel, Celsa Steel Service, Erasteel Kloster, Fagersta Stainless, Kanthal, Outokumpu Stainless, Ovako, Sandvik Materials Technology, SSAB, Surahammars Bruk, Suzuki Garphyttan, Uddeholm & Voestalpine Precision Strip
Europe’s one of the largest crypto currency mining sector Sweden prefers to supply electricity for the production of decarbonized steel making life difficult for virtual miners as rising energy prices have presented Sweden with a choice to supply electricity for job-creating projects such as steel mills or allocate more power to bitcoin miners, which require more and more energy. Sweden’s Minister of Energy Mr Hashayar Farmanbar indicated that the government is inclined to support metallurgists in this competition. . In a recent interview, Mr Farmanbar remarked that “The Swedish economy is moving from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify. We need energy for more useful things than bitcoin, to be honest.” Two options have been discussed. One is to change the order in which power users are connected to the network, prioritizing those that presumably bring more benefits to the society, such as creating a large number of jobs. The other possible move is to limit the scope of the preferential tax treatment that all data centers currently enjoy. The argument is that the intended purpose of this incentive was to attract multinational corporations such as Microsoft and Facebook, not crypto mining businesses The location of crypto mining farms is largely determined by the availability of cheap electricity while the profits for their operators depend to a large extent on the prices of crypto assets. With its hydro reservoirs and wind parks providing clean and low-cost electricity, Sweden has attracted many bitcoin miners and its coin minting industry has become one of largest in Europe. However, worried about its increased power consumption, the government has tasked the Swedish Energy Agency to estimate the energy usage in the digital space, especially crypto mining. The results from the ordered review are likely to worsen the first of these conditions and the crypto market downturn has already affected the other one. SSAB, which plans to make fossil-free steel, said grid operators should prioritize industrial projects like its own, rather than connecting users on a first-come, first-served basis, as they do now. SSAB official said “You can take into account which projects bring the most benefit to the climate and society. We could cut Sweden's carbon emissions by 10%.” Sweden's steel companies have chosen to specialize within different areas. Production is focused on highly finished products which mainly go for export. Committed and competent employees are the foundation of the steel industry's success. Iron and steel is produced at thirteen plants in Sweden. In addition to these, there are plants for the processing of steel. For historical reasons, the majority of the steelworks are found in Bergslagen. Bjorneborg Steel, Celsa Steel Service, Erasteel Kloster, Fagersta Stainless, Kanthal, Outokumpu Stainless, Ovako, Sandvik Materials Technology, SSAB, Surahammars Bruk, Suzuki Garphyttan, Uddeholm & Voestalpine Precision Strip
