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Norway To Withdraw Electricity Subsidies From Bitcoin Mining Facilities

News reaching us that a critical report was giving 2 days ago by the largest newspaper company in Norway, Aftenposten, about a project to end electricity subsidies for bitcoin mining facilities.

This is due to the fact that bitcoin requires a lot of energy and generates large greenhouse gas emissions globally.

mining farms, before now in an attempt to keep up with other power-intensive industries paid a low rate of 0.48 øre ($0.05) per kilowatt. This will now rise to 16.58 øre per kilowatt as of January 2019, following an amended to the state budget agreement.

Also Read: Bitmain Sues Mystery Thief for Alleged Theft of Bitcoin Worth $5.5 Million

There are nonetheless some within the local blockchain industry, however, who broadly agree with the government’s move. Aftenposten cites Jon Ramvi, CEO of Oslo-based blockchain advisory group Blockchangers, as saying that “less mining in Norway will reduce the prices of electricity for companies and people residing in Norway, meaning that we reap the benefits of these resources locally instead of giving it away to Bitcoin miners.”

Do you think the government of Norway did the right thing?

About Michael Iyeyi

Michael Iyeyi, CEO of Alphatekng.com is a humble tech enthusiast, a blogger, and a music freak with passion to impact lives positively.

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