Norway’s Parliament rejects ban on Bitcoin mining

The Norwegian Parliament rejected a bill to ban mining in the country. The initiative was supported only by the left-wing parties, according to the local newspaper E24.

The proposal to ban Bitcoin mining and other Proof-of-Work (PoW) based cryptocurrencies was first introduced in March 2022. The authors cited the high energy consumption of mining, which is largely sourced from renewable energy.

“We are disappointed by the majority who voted against. … If we want to use wind energy, priorities should be set—for what purposes it will be used,” said Sophie Marhaug, a representative of the Rødt party, to the publication.

According to Cointelegraph, in 2021 88% of Norway’s electricity generation came from hydro sources, with another 10% from wind farms.

In an interview with the portal, Arcane Research analyst Yaran Mellerud noted that the left-wing parties are likely to attempt to raise electricity tariffs for miners. He also did not rule out that critics of the industry would draft a new bill aimed at a complete ban on mining digital assets.

In Europe, there have been repeated calls to ban PoW-based cryptocurrency mining. Switzerland, which borders Norway, pushed a similar initiative.

In January 2022, Erik Teden, the chair of the European Securities and Markets Authority, urged a ban on Bitcoin mining.

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