Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament

0 0

Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament

A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners.

Norway Will Not Ban Bitcoin Mining

The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV (the Socialist Left Party) and MdG (the Green Party).

“We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug told the E24 news portal. She added that the Norwegian society must determine its priorities regarding power usage. Her party says bitcoin mining is extremely energy-intensive and insists on putting an emphasis on the needs of other industries and climate change goals.

However, as Marhaug pointed out, the majority in the Storting, Norway’s legislature, wants to prioritize the market, and “give the bill to Norwegian electricity consumers.”

The Red also failed to win support for a proposal to revise the electricity surcharge for mining data centers, accusing the Labor Party (Ap) and Centre Party (Sp) of breaching a pre-election promise. The two parties had announced they would seek a full electricity fee for mining farms.

While households, many businesses, and the public sector currently pay 0.15 kroner (approx. $0.02) per kilowatt-hour of spent electricity, the industry, including data centers, enjoys a reduced levy of just 0.0055 kroner per kWh.

In February, the Norwegian government said it will try to avoid imposing a crypto ban, but made it clear it was considering various measures regarding the electricity consumption in the sector. In November, Norway admitted it’s mulling over ways to limit the environmental impact of bitcoin minting and may support a Swedish proposal for a European ban on proof-of-work mining.

“In a time of energy scarcity and challenges with cutting emissions, it is particularly harmful that power is wasted only to enrich individuals rather than being used for socially beneficial purposes,” the three leftist parties said. However, the parliamentary majority has objected to the politically motivated discrimination against mining data centers.

What do you think about the debate in Norway on the future of the crypto mining industry? Share your thoughts on the subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 30,516.00 1.78%
ethereum
Ethereum (ETH) $ 2,098.50 3.42%
tether
Tether (USDT) $ 1.00 0.11%
usd-coin
USD Coin (USDC) $ 1.00 0.08%
binance-coin
BNB (BNB) $ 307.51 3.08%
xrp
XRP (XRP) $ 0.439595 3.70%
cardano
Cardano (ADA) $ 0.580811 3.96%
solana
Solana (SOL) $ 57.07 4.91%
binance-usd
Binance USD (BUSD) $ 1.00 0.12%
polkadot
Polkadot (DOT) $ 11.08 3.46%
dogecoin
Dogecoin (DOGE) $ 0.090706 3.46%
avalanche-2
Avalanche (AVAX) $ 34.52 4.65%
staked-ether
Lido Staked Ether (STETH) $ 2,066.05 3.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 30,530.00 1.79%
tron
TRON (TRX) $ 0.072606 4.45%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 4.43%
dai
Dai (DAI) $ 1.00 0.02%
litecoin
Litecoin (LTC) $ 72.86 8.12%
crypto-com-chain
Cronos (CRO) $ 0.202714 4.14%
matic-network
Polygon (MATIC) $ 0.733062 7.91%
leo-token
LEO Token (LEO) $ 4.96 0.77%
near
NEAR Protocol (NEAR) $ 6.67 1.49%
ftx-token
FTX Token (FTT) $ 32.11 0.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 206.77 4.28%
chainlink
Chainlink (LINK) $ 7.74 3.52%
stellar
Stellar (XLM) $ 0.142068 4.64%
cosmos
Cosmos Hub (ATOM) $ 11.56 4.49%
algorand
Algorand (ALGO) $ 0.496543 7.70%
okb
OKB (OKB) $ 12.89 4.00%
monero
Monero (XMR) $ 173.77 6.23%
flow
Flow (FLOW) $ 3.02 5.37%
ethereum-classic
Ethereum Classic (ETC) $ 21.75 3.94%
apecoin
ApeCoin (APE) $ 8.88 9.83%
uniswap
Uniswap (UNI) $ 5.48 8.27%
elrond-erd-2
Elrond (EGLD) $ 100.64 7.19%
hedera-hashgraph
Hedera (HBAR) $ 0.109046 5.87%
vechain
VeChain (VET) $ 0.032938 6.11%
internet-computer
Internet Computer (ICP) $ 8.65 6.38%
theta-fuel
Theta Fuel (TFUEL) $ 0.071452 2.46%
magic-internet-money
Magic Internet Money (MIM) $ 0.996614 0.13%
decentraland
Decentraland (MANA) $ 1.23 2.99%
filecoin
Filecoin (FIL) $ 8.62 3.83%
the-sandbox
The Sandbox (SAND) $ 1.38 3.47%
axie-infinity
Axie Infinity (AXS) $ 21.50 8.44%
compound-ether
cETH (CETH) $ 42.10 3.12%
tezos
Tezos (XTZ) $ 1.87 4.74%
defichain
DeFiChain (DFI) $ 3.12 2.59%
chain-2
Chain (XCN) $ 0.091719 11.15%
frax
Frax (FRAX) $ 1.00 0.03%
kucoin-shares
KuCoin Token (KCS) $ 14.92 7.80%
zcash
Zcash (ZEC) $ 114.36 10.87%
maker
Maker (MKR) $ 1,586.83 4.43%
theta-token
Theta Network (THETA) $ 1.40 4.75%
pancakeswap-token
PancakeSwap (CAKE) $ 4.73 4.44%
eos
EOS (EOS) $ 1.38 4.45%
aave
Aave (AAVE) $ 92.68 9.28%
the-graph
The Graph (GRT) $ 0.180613 3.82%
klay-token
Klaytn (KLAY) $ 0.438811 9.93%
true-usd
TrueUSD (TUSD) $ 1.00 0.04%
terra-luna
Terra (LUNA) $ 0.000189 6.53%
huobi-btc
Huobi BTC (HBTC) $ 30,508.00 1.39%
iota
IOTA (MIOTA) $ 0.396609 9.00%
huobi-token
Huobi Token (HT) $ 7.06 0.88%
compound-usd-coin
cUSDC (CUSDC) $ 0.022741 0.38%
bitcoin-sv
Bitcoin SV (BSV) $ 55.96 4.17%
bittorrent
BitTorrent (BTT) $ 0.000001 2.46%
thorchain
THORChain (RUNE) $ 3.41 6.17%
terrausd
TerraUSD (UST) $ 0.090590 2.59%
quant-network
Quant (QNT) $ 74.86 4.61%
stepn
STEPN (GMT) $ 1.59 10.67%
ecash
eCash (XEC) $ 0.000050 5.20%
paxos-standard
Pax Dollar (USDP) $ 1.00 0.08%
helium
Helium (HNT) $ 9.21 5.40%
fantom
Fantom (FTM) $ 0.360763 5.74%
gatechain-token
GateToken (GT) $ 5.75 5.64%
radix
Radix (XRD) $ 0.087439 1.00%
neutrino
Neutrino USD (USDN) $ 0.972946 2.10%
cdai
cDAI (CDAI) $ 0.022121 0.47%
bitdao
BitDAO (BIT) $ 0.848079 0.82%
arweave
Arweave (AR) $ 15.87 2.31%
nexo
NEXO (NEXO) $ 1.40 1.87%
neo
NEO (NEO) $ 11.02 7.13%
zilliqa
Zilliqa (ZIL) $ 0.053376 5.87%
convex-finance
Convex Finance (CVX) $ 12.46 12.82%
kusama
Kusama (KSM) $ 83.76 13.72%
enjincoin
Enjin Coin (ENJ) $ 0.743703 5.44%
waves
Waves (WAVES) $ 6.89 5.57%
amp-token
Amp (AMP) $ 0.014137 3.52%
gala
Gala (GALA) $ 0.089699 3.66%
dash
Dash (DASH) $ 60.76 5.07%
havven
Synthetix Network Token (SNX) $ 2.90 6.56%
chiliz
Chiliz (CHZ) $ 0.120811 5.58%
celo
Celo (CELO) $ 1.46 2.62%
basic-attention-token
Basic Attention Token (BAT) $ 0.418748 5.33%
loopring
Loopring (LRC) $ 0.501327 7.07%
osmosis
Osmosis (OSMO) $ 1.66 3.01%
maiar-dex
Maiar DEX (MEX) $ 0.000122 7.01%
blockstack
Stacks (STX) $ 0.581162 3.43%
pax-gold
PAX Gold (PAXG) $ 1,822.11 0.20%
harmony
Harmony (ONE) $ 0.049758 5.62%
gnosis
Gnosis (GNO) $ 230.91 2.51%
compound-usdt
cUSDT (CUSDT) $ 0.021768 0.00%
mina-protocol
Mina Protocol (MINA) $ 1.11 4.79%
xdce-crowd-sale
XDC Network (XDC) $ 0.045540 2.21%
nem
NEM (XEM) $ 0.061498 4.02%
kadena
Kadena (KDA) $ 2.98 0.66%
lido-dao
Lido DAO (LDO) $ 1.52 5.85%
curve-dao-token
Curve DAO Token (CRV) $ 1.39 1.70%
decred
Decred (DCR) $ 38.58 0.13%
fei-usd
Fei USD (FEI) $ 1.00 0.26%
kava
Kava (KAVA) $ 2.68 11.65%
compound-governance-token
Compound (COMP) $ 74.67 11.09%
frax-share
Frax Share (FXS) $ 8.36 0.34%
nxm
Nexus Mutual (NXM) $ 71.29 3.41%
holotoken
Holo (HOT) $ 0.002723 3.82%
tether-gold
Tether Gold (XAUT) $ 1,858.94 0.16%
tokenize-xchange
Tokenize Xchange (TKX) $ 5.62 2.48%
qtum
Qtum (QTUM) $ 4.26 6.53%
ecomi
ECOMI (OMI) $ 0.001642 5.83%
iostoken
IOST (IOST) $ 0.018259 3.92%
bancor
Bancor Network Token (BNT) $ 1.47 2.97%
juno-network
JUNO (JUNO) $ 8.19 8.02%
oec-token
OKC Token (OKT) $ 25.58 13.77%
1inch
1inch (1INCH) $ 0.961913 4.39%
serum
Serum (SRM) $ 1.26 3.19%
livepeer
Livepeer (LPT) $ 15.34 4.97%
flex-coin
FLEX Coin (FLEX) $ 4.91 0.60%
moonbeam
Moonbeam (GLMR) $ 1.40 7.56%
evmos
Evmos (EVMOS) $ 1.82 2.82%
omisego
OMG Network (OMG) $ 2.59 6.31%
msol
Marinade staked SOL (MSOL) $ 59.52 6.12%
0x
0x (ZRX) $ 0.426711 5.81%
xido-finance
Xido Finance (XIDO) $ 12.70 0.79%
celsius-degree-token
Celsius Network (CEL) $ 0.844937 0.95%
yearn-finance
yearn.finance (YFI) $ 10,014.98 2.78%
bitcoin-gold
Bitcoin Gold (BTG) $ 20.03 2.99%
liquity-usd
Liquity USD (LUSD) $ 1.00 0.10%
rocket-pool
Rocket Pool (RPL) $ 21.12 4.57%
secret
Secret (SCRT) $ 2.00 6.32%
olympus
Olympus (OHM) $ 17.31 4.88%
ankr
Ankr (ANKR) $ 0.041083 7.09%
link
LINK (LN) $ 55.17 2.82%
audius
Audius (AUDIO) $ 0.466631 7.34%
ravencoin
Ravencoin (RVN) $ 0.031799 6.48%
husd
HUSD (HUSD) $ 1.00 0.06%
skale
SKALE (SKL) $ 0.092131 12.70%
convex-crv
Convex CRV (CVXCRV) $ 1.40 2.48%
bitkub-coin
Bitkub Coin (KUB) $ 3.61 1.93%
iotex
IoTeX (IOTX) $ 0.033676 12.69%
ethereum-name-service
Ethereum Name Service (ENS) $ 12.62 19.98%
just
JUST (JST) $ 0.043069 3.40%
everdome
Everdome (DOME) $ 0.026021 3.48%
icon
ICON (ICX) $ 0.402209 5.67%
usdd
USDD (USDD) $ 1.00 0.15%
swissborg
SwissBorg (CHSB) $ 0.316902 0.64%
oasis-network
Oasis Network (ROSE) $ 0.085020 10.74%
everscale
Everscale (EVER) $ 0.239156 0.72%
siacoin
Siacoin (SC) $ 0.005654 6.64%
dogelon-mars
Dogelon Mars (ELON) $ 0.000001 3.34%
titanswap
TitanSwap (TITAN) $ 2.86 1.82%
constellation-labs
Constellation (DAG) $ 0.110519 4.33%
sushi
Sushi (SUSHI) $ 1.44 14.20%
safemoon
SafeMoon [OLD] (SAFEMOON) $ 0.000000 3.43%
zencash
Horizen (ZEN) $ 22.22 8.19%
synapse-2
Synapse (SYN) $ 1.49 0.06%
golem
Golem (GLM) $ 0.273406 5.37%
mimatic
MAI (MIMATIC) $ 0.995943 0.19%
songbird
Songbird (SGB) $ 0.033735 20.41%
wax
WAX (WAXP) $ 0.129812 2.67%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.737150 8.90%
ontology
Ontology (ONT) $ 0.290640 5.50%
safemoon-2
SafeMoon (SFM) $ 0.000457 4.80%
render-token
Render Token (RNDR) $ 0.982517 1.50%
ethos
Voyager Token (VGX) $ 0.860478 3.19%
pocket-network
Pocket Network (POKT) $ 0.238182 13.48%
astar
Astar (ASTR) $ 0.071018 5.32%
gemini-dollar
Gemini Dollar (GUSD) $ 1.00 0.33%
swipe
SXP (SXP) $ 0.489366 6.85%
plex
PLEX (PLEX) $ 0.913303 1.46%
smooth-love-potion
Smooth Love Potion (SLP) $ 0.005766 7.82%
escoin-token
Escoin Token (ELG) $ 3.40 3.22%
tenset
Tenset (10SET) $ 2.58 9.92%
woo-network
WOO Network (WOO) $ 0.210998 8.27%
uma
UMA (UMA) $ 3.32 10.48%
immutable-x
Immutable X (IMX) $ 0.926773 5.26%
kyber-network-crystal
Kyber Network Crystal (KNC) $ 2.11 35.36%
nucypher
NuCypher (NU) $ 0.179320 5.76%
tether-eurt
Euro Tether (EURT) $ 1.05 0.05%
playdapp
PlayDapp (PLA) $ 0.591913 1.84%
apenft
APENFT (NFT) $ 0.000001 3.69%
polymath
Polymath (POLY) $ 0.233504 3.56%
velas
Velas (VLX) $ 0.090850 14.11%
mxc
MXC (MXC) $ 0.085379 11.09%
digibyte
DigiByte (DGB) $ 0.013331 12.13%
hive
Hive (HIVE) $ 0.545429 8.46%
illuvium
Illuvium (ILV) $ 311.24 3.81%
rally-2
Rally (RLY) $ 0.072075 2.19%
dydx
dYdX (DYDX) $ 2.05 8.74%
casper-network
Casper Network (CSPR) $ 0.041177 0.36%
acala
Acala (ACA) $ 0.478816 1.71%