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Norway is starting to critize cryptocurrency mining!

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Norway mining Bitcoin

Norway, a rich Scandinavian country, can support the initiative of its Swedish neighbors to ban the mining of BTC and other cryptocurrencies. Regulators have proposed banning BTC mining not only “at home”, but even at European Union level. The government referred to “unjustified electricity costs.”

Norway wants to be as ecological as possible

According to the Regional Development Authority, the Norwegian authorities will consider the proposals of their Swedish colleagues and will start working on Europe-wide rules on cryptocurrency mining, although Norway does not belong to the EU.

“Although cryptocurrency mining and modern technologies may have some long-term benefits, it is still difficult to justify the widespread use of renewable energy sources. Ours the priority is for our country to become a climate-neutral society, said Bjorn Arild Gram, Minister of Local Government and Regional Development.

In neighboring Sweden, energy consumption jumped to hundreds of percent, thanks to local miners, between April and August, which significantly complicated meeting climate commitments.

It will be even more interesting with miners in the EU

Norway, Sweden and geographically distant Iceland have recently happened popular destinations for cryptocurrencies. They are attracted by the number of renewable energy sources and low electricity prices.

European Commission stated that it supports a significant reduction in energy-intensive mining options (Proof of Work) in favor of a less energy-intensive alternative (Proof of Stake) or other, less demanding model.

Mining company HIVE Blockchain Technologies in May sold Norwegian subsidiary “Kolos Norway” as a result abolition of electricity subsidies.

Founder of the company ArkInvest Katie Wood expressed her belief that “BTC will eventually become greener than the traditional financial services sector, which many BTC experts agree with.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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