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In a voting majority, earlier this week, Norway’s parliament the Storting ruled against a proposal to outlaw Bitcoin mining.
Proposing the bill was Sofie Marhaug, representing Rodt, Norway’s communist party. Marhaug’s party contended that Bitcoin extraction consumed too much energy which according to them was not good for Norway’s electricity reserves.
Backing them were only two parties: The Socialist People’s party and the Labor party. Unfortunately for rising Bitcoin mining naysayers, the Storting disagreed and rejected the proposal.
Bitcoin Mining in Norway
Bitcoin extraction is a thriving sector in Norway making up about 1% of the worldwide Bitcoin hash rate. This is due to the abundance of hydro-powered energy and the cheap tax fee charged to Bitcoin mining firms there. Also, the increasing presence of the Norwegian midnight sun suggests crypto mining might soon exploit solar power.
According to E24, the public sector, households, and most firms pay 15.41 kroner per Kilowatt every hour. In stark contrast, Bitcoin mining companies pay a considerably reduced tax fee of 0.55 kroner for the same amount of power.
This first raised eyebrows in March when the issue of the ban first began. It finally led to the proposal of the Bill that the Storting rejected on the 10th of march this year.
Bitcoin Mining a Waste of Precious Clean Energy?
The Red Party insists Bitcoin mining is a waste of the country’s green energy. Speaking to E24, Sofie Marhaug emphasized that the electricity used for the energy-intensive Bitcoin mining could be used for more important things.
Her supporters have outlined the more important things to be combating climate change and resolving the power shortage problems the country is facing. For one, Marhaug and the party claim Bitcoin mining plants are no better than many individual-enriching schemes.
However, the majority argued that there was no algorithm with which to judge what is of more benefit to society. They voted that it would be wrong to discriminate against crypto mining just because of societal benefits defined by politics.
It’s Not Over Yet
Although Marhaug lost this fight, some suspect that it will not end there. The rejected bill was a proposal to ban crypto-mining from Norway altogether.
They are suggestions that communist party’s next line of action would be to attempt to increase the energy tax fees of data centers. A strategy revolving around making living conditions as difficult as possible for crypto mining business.