Home Cryptocurrency Bitcoin mining in Norway gets the green light as the proposed ban rejected

Bitcoin mining in Norway gets the green light as the proposed ban rejected

by Serge Shlykov

It’s not exactly the kind of news that will make your colleagues green with envy, but Norway has officially given Bitcoin mining a thumbs up. The country’s Ministry for Finance has decided to reject proposed restrictions on cryptocurrency trading and mining activities in the Scandinavian nation. While it might be hard to find much happiness in this decision, many crypto enthusiasts are certainly pleased by how positive this verdict is for them.

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Bitcoin mining in Norway gets the green light as the proposed ban rejected. The Norwegian government has decided to reject the ban and allow bitcoin mining to continue. Read more in detail here: is bitcoin legal in norway.

They won’t be able to prohibit Bitcoin (BTC) mining in Norway any time soon. According to a majority vote in the Norwegian parliament on May 10, this is the case.

The Red Party (Norway’s communist party) originally proposed a ban on Bitcoin mining in March of this year. The idea was defeated in this week’s vote, with only left-wing groups such as the Socialist Left Party, the Red Party, and the Green Party supporting a ban on bitcoin mining.

“The vote these parties lost was against prohibiting large-scale Bitcoin mining generally,” Jaran Mellerud, an analyst at Arcane Research and a Cointelegraph confidant, said.

“Now that they’ve lost this election, these political parties will almost certainly try again to raise the electricity tax, which is now their sole remaining instrument for making life tough for miners.”

Bitcoin mining firms have prospered in Norway in recent years, despite political parties’ attempts. Norway now generates as much as 1% of the worldwide Bitcoin hash rate, thanks to the Land of the Midnight Sun’s 100 percent renewable energy.

“Bitcoin-hostile political parties in Norway have been trying to drive bitcoin miners out of the nation by imposing a higher power tax rate exclusively for miners or even seeking to outlaw mining,” Mellerud said.

Fortunately, they haven’t been successful, and the government’s decision not to outlaw bitcoin mining should be the last nail in the coffin for their efforts to eliminate the business.

Norway, according to Cointelegraph, is a “green oasis” for Bitcoin mining, with ample hydropower and cheap energy rates, especially in the north.

Bitcoin mining in Norway gets the green light as the proposed ban rejected

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The cost per kilowatt-hour in mid-northern and northern Norway is 0.12 Norwegian Krone (In mid-northern and northern Norway, the cost per kilowatt-hour is 0.12 Norwegian Krone ($0.012), a highly competitive rate internationally, or “extremely cheap,” Mellerud told Cointelegraph..012), a very competitive rate worldwide, or “extremely inexpensive,” according to Mellerud.

Water is a fantastic concept! This pool is heated by bitcoin mining.

According to a report from Norwegian news outlet E24, “ordinary homes, corporations, and the public sector pay an electricity tax of 15.41 re (The article from Norwegian news E24 reported that “ordinary households, companies and the public sector pay an electricity tax of 15.41 øre ($0.015) per kilowatt-hour,” however, in some cases the “mining industry has a reduced electricity tax.”.015) per kilowatt-hour,” however the “mine industry” enjoys a lower power tax in certain situations. 

“An rise in the electricity tax expressly for miners is now far less conceivable,” Mellerud said. Meanwhile, as customer interest in cryptocurrencies grows and TradFi firms dabble with BTC investments in Norway, Bitcoin is steadily making its way into the Norwegian financial environment.

Bitcoin mining in Norway gets the green light as the proposed ban rejected. The decision was made after a long debate, and will allow Bitcoin mining to continue in Norway. Reference: bitcoin mining setup.

Related Tags

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