Norway Delivers Crypto Shock

[PRIBO247]

Norway has scrapped electricity subsidies for
cryptocurrency mining to protect the environment.
Local miners will have to pay full whack for their
power starting in January.

To date, Bitcoin miners have, as data centres, been
the recipients of huge subsidies, paying a mere 3% of
the standard energy rate applied to other businesses.
The move could scare off Russian operators which
have been investing in Norway. Earlier this year, the
Russian New Mining Company, a large-scale crypto-
mining outfit, announced that it planned to deploy
thousands of mining units in a new $125m Norwegian
farm.

A local MP told Parliament that the country could no
longer provide incentives for a dirty activity that
requires huge amounts of energy and generates large
greenhouse gas emissions.

Source : https://www.brand-e.biz/innovation/norway-slashes-energy-subsidies-for-cryptocurrency-mining