Bitcoin mining in Norway has been given the green light

Bitcoin mining in Norway has been given the green light

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%).

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

More News

All articles loaded
No more articles to load

Knowledge Base

Terra (LUNA)

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Knowledge Base

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is Terra (LUNA)? Blockchain Terra (LUNA)…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain for investors. What distinguishes the…

What are stablecoins and how can you use them?

In recent years, cryptocurrencies are experiencing a real “boom”! And not just for cryptocurrencies – the rise in popularity applies to blockchain technology in general.…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are talking about Sandbox and SAND…

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity constantly growing? Support for Ethereum…

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies and global interest. But does…
All articles loaded
No more articles to load