A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by nearly all of lawmakers. The ban had been advised by the far-left Red Party which additionally didn’t win backing to elevate an electrical energy tax for crypto miners.

Norway Will Not Ban Bitcoin Mining

The parliament of Norway has thought of and voted towards a draft regulation banning the minting of digital currencies primarily based on the proof-of-work idea. The laws, which was proposed by the communist Red Party in March, was supported solely by two different leftist events, SV (the Socialist Left Party) and MdG (the Green Party).

“We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug informed the E24 information portal. She added that the Norwegian society should decide its priorities relating to energy utilization. Her get together says bitcoin mining is extraordinarily energy-intensive and insists on placing an emphasis on the wants of different industries and local weather change targets.

However, as Marhaug identified, the bulk in the Storting, Norway’s legislature, needs to prioritize the market, and “give the bill to Norwegian electricity consumers.”

The Red additionally failed to win assist for a proposal to revise the electrical energy surcharge for mining information facilities, accusing the Labor Party (Ap) and Centre Party (Sp) of breaching a pre-election promise. The two events had introduced they’d search a full electrical energy charge for mining farms.

While households, many companies, and the general public sector presently pay 0.15 kroner (approx. $0.02) per kilowatt-hour of spent electrical energy, the business, together with information facilities, enjoys a lowered levy of simply 0.0055 kroner per kWh.

In February, the Norwegian authorities mentioned it can strive to keep away from imposing a crypto ban, however made it clear it was contemplating varied measures relating to the electrical energy consumption in the sector. In November, Norway admitted it’s mulling over methods to restrict the environmental affect of bitcoin minting and will assist 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 events mentioned. However, the parliamentary majority has objected to the politically motivated discrimination towards mining information facilities.

Tags in this story

ban, Bitcoin, Bitcoin mining, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, FEE, Law, Legislation, Norway, norwegian, parliament, energy, prohibition, Proof of Work, surcharge, Tax

What do you consider the talk in Norway on the way forward for the crypto mining business? Share your ideas on the topic in the feedback part beneath.

Lubomir Tassev

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, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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