In the present day, the federal government of Norway announced its plans to introduce a brief ban on establishing new Bitcoin and cryptocurrency mining information centres.
The federal government concluded that it was higher to redirect electrical energy to different industries and financial sectors and that it might be higher for the nationwide curiosity.
“The Labour Celebration authorities has a transparent intention to restrict the mining of cryptocurrency in Norway as a lot as attainable,” stated the Minister for Digitalization and Public Administration Karianne Tung.
The ruling Labour Celebration has attributed the upcoming ban to the extreme electrical energy consumption by power-intensive Bitcoin and crypto mining operations, which it says supply little profit to the broader financial system.
“Cryptocurrency mining may be very power-intensive and generates little in the best way of jobs and earnings for the local people,” she added.
“A brief ban might be launched through the autumn of 2025,” based on the federal government.
