Swedish fund manager says cryptocurrency mining threatens power grid, misinformation

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Melanion Capital

“The claim that Bitcoin miners put the power grid at risk is completely wrong,” said European Union-based fund manager Melanion Capital.

According to a Cointelegraph report on the 22nd (local time), a Swedish financial authority has provoked a backlash from cryptocurrency-related fund managers when they urged a European Union-level Proof of Work (PoW) cryptocurrency mining ban, mainly known as a new Bitcoin mining method. have.

Among them, Melanion Capital, a Paris-based alternative investment firm famous for its bitcoin ETFs, spoke about requests from the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency to ban certificate-of-work mining across Europe.

Melanion stresses that the claim that Bitcoin miners endanger the power grid is completely misinformation, reminding him that Bitcoin miners’ business models are prone to collapse when demand for electricity rises because energy prices also rise.

The statement points to parties like Texas who have chosen to welcome bitcoin miners instead of banning them because they use waste energy or provide the basis for volatile resources like wind and hydro power. It is said to complement the development.

“The lack of a political balance point for bitcoin miners makes cryptocurrency mining an illegal industry,” Melanion Capital recalled, recalling that due to its decentralized nature, the bitcoin mining industry does not need to defend its interests and lobby to negotiate with the government. It should not be viewed as an opportunity to implement action.”

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