Norway to consider Bitcoin mining ban following Sweden

Norway may back the Swedish regulators’ initiative to ban cryptocurrency mining, including Bitcoin, at the EU level. The government cited ‘unjustified electricity costs’.

Norwegian stated that they will look to the solutions proposed by the Swedish regulators, and our target would be common European regulations in this area. Previously, Sweden proposed to ban POW mining at the EU level. https://t.co/ZX7xEa6mML

— Wu Blockchain (@WuBlockchain) November 19, 2021

While cryptocurrency mining and the technology behind it may offer certain advantages in the long run, today it is hard to justify wide-scale use of renewable energy. We want them to support the transition to a climate-neutral society, said Bjørn Arild Gram, Minister of Local Government and Regional Development.

According to the official, authorities will review proposals from Swedish colleagues and begin work on Europe-wide rules for the mining industry.

In the neighboring Nordic country, energy consumption by local miners from April to August surged by ‘hundreds of percent’, complicating the achievement of climate commitments.

Norway, Sweden and Iceland have become popular destinations for cryptocurrency mining due to abundant renewable energy sources and low electricity costs.

The European Commission indicated that they support moving away from the Proof-of-Work consensus algorithm in favour of the less energy-intensive Proof-of-Stake or a hybrid model.

In May, mining company HIVE Blockchain Technologies продала Norwegian subsidiary Kolos Norway AS due to the withdrawal of electricity subsidies.

Earlier, Ark Invest founder Cathie Wood expressed confidence that Bitcoin will, over time, become greener than the traditional financial services sector.

Follow ForkLog news on Telegram: ForkLog Feed — the full stream of news, ForkLog — the most important news, infographics and opinions