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Because the proposed ban has been rejected and in Norway, Bitcoin mining obtains the green light.

On Tuesday, a vote in the Norwegian parliament rejected the proposal to ban bitcoin mining in Norway.

In Norway, they can now ban Bitcoin (BTC) mining. On Tuesday, according to the Norwegian Parliament voting decision they can now ban Bitcoin (BTC) mining.

Bitcoin mining obtains the green light

In March this year, the ban on bitcoin mining in Norway was first proposed by the Red Party (Norwegian Communist Party). On this week’s Tuesday vote, the proposal was rejected because some of Norway’s left-leaning parties would support the ban on (cryptocurrency) Bitcoin mining only Norwegian Communist parties, including the  Red Party,  the Green Party and the Socialist Left Party.

Jaran Mellerud, an  Arcane Research analyst highlighted the products: The parties’ that lost votes were against the overall banning of large-scale bitcoin mining.

Jaran Mellerud

Having lost this vote, these political parties will likely make one more attempt at increasing the power tax specifically for miners, which is now their only tool left in the toolbox for making life difficult for miners.

Rebellious to the efforts of political parties, in Norway, in recent years bitcoin mining companies have grown. Now in the global Bitcoin hash rate, Norway donates up to 1% and in the land of the midnight sun, it takes advantage of 100% renewable energy.

Norwegian Mellerud said that “political parties attempting to oppose bitcoin in Norway, especially by imposing higher power tax rates on miners or even trying to ban mining, have allowed bitcoin miners out of the country.

Jaran Mellerud

Luckily, they haven’t been successful, and this decision by the government to not ban bitcoin mining should be the latest nail in the coffin for their attempts to get rid of the industry.

News previously reported that for Bitcoin mining Norway is a green oasis, especially in the north,  puffing large hydropower and low energy costs. By source of electricity generation in Norway, the rate of hydropower is 80%, the wind is 10% and others 2%.

Mellerud conveyed in the report that the cost per kilowatt-hour in central and northern Norway is 0.12 Norwegian kroner ($ 0.012),  internationally which is a very competitive rate or extremely cheap.

The Norwegian News E24 article states that simple households, businesses and the (civilian) public sector salary 15.41 øre ($ 0.015) per kilowatt-hour electricity tax. But in a few situations, the electricity tax in the mining industry has been reduced.

Mellerud supposes that “especially for miners, the possibility of an increase in power taxes is now very low. On the other hand,  as retail interest in cryptocurrencies grows bitcoin is slowly entering the Norwegian financial geography and TradFi companies have dropped their toes into BTC Bitcoin investments in Norway.

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