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Norwegian Bitcoin Miners To Lose Electricity Subsidies

17:32 23/11/2018

The Norwegian authorities announced that they would stop subsidizing payments for electricity for bitcoin mining companies and the introduction of new tariffs, Cointelegraph reports referring to the local newspaper Aftenposten.
 

The mining farms have paid for electricity at a low rate of 0.48 øre ($0.05) per kW so far. At the beginning of 2019, after making changes to the country's budget, a new tariff will be set at 16.58 øre per kW.

Norway does not have the opportunity to provide subsidies to the most “dirty” companies in the crypto industry anymore, and mining consumes a lot of electricity and causes huge emissions of greenhouse gas into the atmosphere, Lars Haltbrekken, the deputy of the left-wing socialist party, stated.
 

According to Forbes, Norwegian mining companies spend $7,700 on mining of one bitcoin on average due to subsidies on electricity, based on the performance of one of the German firms mining cryptocurrencies in this Scandinavian country.
 

Roger Schjerva, the local representative of the information and communications technology sphere in Norway, spoke out sharply against the authorities. He considers it unacceptable to make such decisions without discussion, consulting, and any dialogue with the industry’s representatives.

At the same time, there are opposing views. Jon Ramvi, the executive director of the blockchain organization from Oslo, generally agrees with the decision of the authorities. He states that mining reduction will lead to lower electricity prices for both companies and households.
 

As previously reported, electricity may rise in price for miners in the state of Washington.

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