Bitcoin mining in Norway gets green light as proposed ban rejected

They can’t possibly ban Bitcoin (bitcoin) is now mining in Norway.That is according to On May 10, the Norwegian parliament passed by a majority vote.

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

Arcane Research analyst and Cointelegraph confidant Jaran Mellerud shed light on the development: “These parties lost votes against a blanket ban on large-scale bitcoin mining.”

“After losing this vote, these parties may try again to increase the miners-specific electricity tax, the only tool they have right now to make life difficult for miners.”

Contrary to the efforts of political parties, Bitcoin mining companies in Norway have flourished in recent years. Norway now contributes up to 1% Increase the global Bitcoin hash rate with 100% renewable energy in the Land of the Midnight Sun.

Norwegian Mellerud added: “Norway’s bitcoin-hostile parties have been trying to force bitcoin miners out of the country by imposing higher electricity taxes specifically on miners or even trying to ban mining.”

Fortunately, they were unsuccessful and the government’s decision not to ban bitcoin mining should be the latest nail in the coffin for them to try to get out of the industry.

Cointelegraph previously reported that Norway is an “oasis” for bitcoin mining, with abundant hydropower and low energy prices, especially in the north.

in north-central and northern Norway, cost Very competitive at NOK 0.12 (USD 0.012) per kWh speed Internationally, or “very cheap,” Mellerud told Cointelegraph.

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An article in Norwegian news E24 reported that “the average household, company and the public sector pay an electricity tax of 15.41 ore ($0.015) per kWh”, however, in some cases, “the electricity tax for the mining industry has been reduced” .

“It’s much less likely now to increase electricity taxes specifically for miners,” Mellerud concluded. At the same time, Bitcoin is slowly making its way into Norwegian finance because Retail interest in cryptocurrencies surges and TradFi firm has dabbled in BTC investing domestic.