Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament – Mining Bitcoin News

The majority of legislators have rejected a push to ban the highly energy-intensive proof of work mining of crypto currencies in Norway. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners.

Norway will not ban Bitcoin mining

Norway’s parliament voted no to a bill that would have prohibited the creation of digital currency based on proof-of work. This legislation was proposed in March by the communist Red Party and was only supported by MdG (the Green Party) as well as SV (the Socialist Left Party).

“We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug told the E24 news portal. Her party also stated that Norway must decide on its power priorities. She claims that bitcoin mining consumes a great deal of energy. Her party insists on placing emphasis on other industries as well as climate change goals.

However, as Marhaug pointed out, the majority in the Storting, Norway’s legislature, wants to prioritize the market, and “give the bill to Norwegian electricity consumers.”

Red failed to secure support for the proposal to reduce the surcharge on electricity for data centers that are located in mining areas. It also accused the Labor Party and Centre Party of violating an election promise. They had both announced their intention to seek an entire electricity fee from mining farms.

The current levy for households, businesses and public sector is 0.15 Kroner. The industry (including data centers) enjoys a lower tax of just 0.55 kroner/kWh.

Although the Norwegian government indicated that they would not impose a ban on crypto mining, they also stated it was looking at various options for reducing electricity consumption. In November, Norway admitted it’s mulling over ways to limit the environmental impact of bitcoin minting and may support a Swedish proposal for a European ban on proof-of-work mining.

“In a time of energy scarcity and challenges with cutting emissions, it is particularly harmful that power is wasted only to enrich individuals rather than being used for socially beneficial purposes,” the three leftist parties said. The majority of parliament has opposed the discrimination politically motivated against data centers that are mining.

In this story, tags
Ban, Bitcoin, Bitcoin mining, Crypto, cryptominers, crypto mining, Cryptocurrencies, Energy, FEE, Electricity, Energy, FEE, Norway, Parliament, Power, Prohibition, Proof of Work, surcharge, and Tax

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Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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