Majority decision in Parliament: Crypto mining will not be banned in Norway

Communist Party Planned Crypto Mining Ban in Norway

Parliamentary resolution: Crypto mining must not be banned

Norway: The “green oasis” for the mining business

Red Party Planned Crypto Mining Ban

As reported by the Norwegian news portal E24, the Scandinavian country’s Red Party planned to ban the mining of cryptocurrencies such as Bitcoin. The reason for this is the current electricity situation, which has recently led to record electricity prices. “Even if we have enough electricity now, we will have to set stricter priorities in the future, especially if we want to replace fossil fuels with renewable energy and make Europe more independent from Russia,” explains Sofie Marhaug, member of Storting for Red. Cryptocurrency mining is very energy-intensive and therefore not beneficial to society, Marhaug continues.

Norway’s Minister for Local Government and Rural Affairs, Bjrn Arild Gram, stated that a special ban on cryptocurrencies could weaken Norway’s competitiveness. He also warns that data centers in Norway are likely to be key enablers for success in the digital economy in the years to come.

Parliament rejects crypto mining ban by majority

Having considered the ban proposal, it is now clear that the Red Party must not ban crypto mining. As reported by E24, the Norwegian Communist Party received support from the SV (Socialist Left Party) and the MDG (Environmental Party Die Grünen), but a majority in parliament voted against the Red Party’s proposal. The party’s proposal for a full electricity tax for data centers that mine cryptocurrency also failed to gain majority support in parliament.

“Of course we are disappointed with the majority here. In the future we will electrify large parts of society. If we don’t want to overpower the Norwegian nature with wind power, we really have to prioritize what the energy is used for,” explains Sofie Marhaug to E24.

Crypto mining in Norway generates 1 percent of the world’s bitcoin hashrate

Although anti-crypto parties have been trying to force miners out of Norway for some time, the country’s crypto business is booming, Cointelegraph explains. Crypto miners from Norway are now said to be responsible for around one percent of the global Bitcoin hash rate. The flourishing business is primarily benefiting from the extraordinarily good and inexpensive access to renewable energies. Since crypto mining here is operated exclusively with renewable energies, the Scandinavian state is considered a “green oasis” for the mining business.

E. Schmal / Editor finanzen.net

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