Bitcoin mining in Norway gets the green light as the proposed ban rejected
There’s Nor-way they can ban Bitcoin (BTC) mining in Norway now. That’s according to a majority vote passed by the Norwegian parliament on May 10.
The proposal to ban Bitcoin mining in Norway was first suggested in March this year by the Red Party (Norway’s 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.
Jaran Mellerud, an Analyst at Arcane Research and a Cointelegraph confidant shed light on the developments: “The vote these parties lost was against banning large-scale Bitcoin mining overall.”
Contrary to the political parties' efforts, Bitcoin mining companies in Norway have thrived in recent years. Norway now contributes as much as 1% to the global Bitcoin hash rate, taking advantage of 100% renewable energy in the Land of the Midnight Sun.
Norwegian Mellerud added that “Bitcoin-hostile political parties in Norway have been trying to force bitcoin miners out of the country by implementing a higher power tax rate specifically for miners or even attempting to ban mining.”
Cointelegraph previously reported that Norway is a “green oasis” for Bitcoin mining, boasting abundant hydropower and low energy prices, particularly in the north.
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.
Related: Water great idea! Bitcoin mining heats this swimming pool
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,”
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