In Norway, a majority vote in their parliament has ensured that mining Bitcoin (BTC) cannot be banned.
Proposal destroyed
Earlier, a proposal was made to completely ban Bitcoin mining in Norway. This was done in March this year by Norway’s communist party, the Red Party. However, when this was voted on in the Norwegian parliament, the proposal was chopped up.
“Now that these political parties have lost this vote, they will likely make another effort to increase the power tax specifically for miners, which is now their only tool in the toolbox for making miners’ lives difficult.”
Green Oasis
Bitcoin mining has grown in popularity in Norway over the past few years. Norway now contributes 1% to the worldwide hash rate of Bitcoin, while using 100% renewable energy.
Norway therefore appears to be a green oasis for the Bitcoin mining sector, with abundant hydropower and low energy prices. The cost for 1 kilowatt hour in northern and central Norway is only 0.12 Norwegian krone. This is done by maintaining special rates that do not apply to everyone.
Although these electricity tariffs do not apply to everyone, crypto mining companies are not expected to suddenly have to pay more for their energy.