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Cryptoknowmics 2022-10-07 09:45:10

Finance Minister of Norway Urges To End Reduced Electricity Tax Scheme

The finance minister of Norway, Trygve Slagsvold Vedum, has urged that the government end a program that permits crypto data centers to pay a discounted cost for electricity. The Norwegian government suggested a potential shift in policy for Bitcoin miners in a statement on October 6. He demanded data centers operating in Norway be subject to the same power tax rates as other industries. The government asserts that the decreased tax should be phased out because electricity use was increasing in some places. Cryptocurrency Mining Ban By Norway’s Red Party Norway’s Red Party initially proposed a ban on cryptocurrency mining but overpowered it in the country’s parliament in May. At the time, Jaran Mellerud, an analyst at Arcane Research, stated that an outright ban was unlikely to occur but that the political parties of Norway would “certainly make one more try at boosting the electricity tax expressly for miners.” According to data from the Cambridge Bitcoin Electricity Consumption Index, several BTC mining companies are presently based in Norway, contributing 0.74% of the world’s Bitcoin hash rate while utilizing only 100% sustainable energy sources. However, many citizens in the northern municipality of Sortland have voiced complaints about the noise pollution caused by miners, echoing worries from American legislators. Following Vedum’s presentation of the national budget for Norway for 2023, it proposed the abolition of the ...

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