While the cryptocurrency market is experiencing a deep correction, there is some very positive news for it. The Norwegian parliament has rejected a proposal to ban Bitcoin mining in the country.
A strong signal from the authorities
Until May 10, the future of BItcoin in Norway was still under great question. In March this swarm, the local Red Party proposed a complete ban on Bitcoin mining. Other left-wing parties such as the Socialist Left Party and the Green Party sided with it.
Luckily for Bitcoin, this proposal was completely rejected, giving the green light for miners to continue their involvement with the network. Parliament has shown a free-market attitude in this case, in which economic currencies have the right to decide their own existence.
One more attempt
Analyst at Arcane Research, Jaran Mellerud notes that although the verdict is positive for the cryptocurrency market, Bitcoin opponents in Norway will not lay down their arms. In his words:
“After losing this vote, these political parties will probably make one more attempt to increase the energy tax specifically for miners, which is now their only tool left in the toolbox to make life difficult for miners.”
He goes on to point out that this kind of action has been taken by left-wing parties before. However, each time they ended in failure.
The topic of Bitcoin mining and its high energy consumption is widely discussed in Scandinavian countries. Like Norway, Sweden has been drawing attention for many months to the difficulties it is experiencing due to the activities of miners. At its request, this topic is also being discussed in the European Parliament. So far, the EU countries have not made any clear statements on this issue.
Norway a green oasis
Norway is a special place for supporters of Bitcoin and the cryptocurrency market. Local miners account for nearly 1% of the total mining capacity. Importantly, the energy used for this comes entirely from renewable sources, which are particularly abundant in the northern part of the country. The largest portion comes from hydroelectric resources (88%), followed by wind energy (10%) and other forms of energy including solar (2%).