Bitcoin Mining In Norway Gets Approved As Proposed Ban Is Rejected

Now there is a Nor-way to ban Bitcoin (BTC) mining in Norway. that according to It was passed by a majority vote in the Norwegian Parliament on 10 May.

The proposal to ban Bitcoin mining in Norway was first proposed by the Red Party (the Norwegian Communist Party) in March of this year. In this week’s vote, only Norwegian left-wing parties, including the Social Left and the Red Party, overturned the proposal. Political parties and the Green Party support a ban on cryptocurrency mining.

“The vote these parties lost is against a general ban on large-scale Bitcoin mining,” said Jaran Mellerud, an analyst at Arcane Research and a believer at Cointelegraph.

“These parties, who have lost this vote, will try one more time to raise electricity rates for miners. This is now the only tool left in the toolbox that makes life difficult for miners.”

Contrary to the efforts of the parties, the Norwegian Bitcoin mining company has prospered in recent years. Norway now utilizes 100% renewable energy in the Land of the Midnight Sun, contributing up to 1% to the global Bitcoin hashrate.

Norwegian Mellerud added, “Parties hostile to Bitcoin in Norway are attempting to drive Bitcoin miners out of the country by enforcing higher electricity tax rates for miners or even banning mining.”

Luckily they didn’t succeed, and the government’s decision not to ban bitcoin mining should be the latest nail in the coffin for attempts to wipe out the industry.

Cointelegraph previously reported that Norway is a “green oasis” for Bitcoin mining, with abundant hydropower and low energy prices, especially in the northern regions.

In central and northern Norway cost At 0.12 Norwegian kroner ($0.012) per kilowatt-hour, it is very competitive. ratio Mellerud told Cointelegraph internationally or “very cheap”.

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According to an article in Norwegian News E24, “The average household, business and public sector pay an electricity bill of 15.41 øre ($0.015) per kilowatt-hour.” However, in some cases “the mining industry will reduce electricity bills.”

Mellerud concluded, “It is much less likely that the electricity tax will increase, especially for miners.” Meanwhile, Bitcoin is slowly taking root in the Norwegian financial landscape as retail interest in the cryptocurrency soars and the TradFi company dips its feet in Norwegian BTC investments.

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