Norway Imposes Temporary Ban on New Crypto Mining Facilities
Norway is taking action to limit the energy demands of crypto mining. The country announced a temporary ban on new crypto mining data centers set to begin in August. This decision aims to address the high energy consumption linked to mining activities.
Minister for Digitalization and Public Administration, Karianne Tung, emphasized the government’s intention to considerably reduce crypto mining. “We want to focus energy on sectors that benefit the local economy more,” she said. In April, Norway presented a bill requiring data centers to register and share ownership details.
Norway’s geographic advantages, including abundant hydroelectric power and low real estate costs in the north, made it a popular destination for crypto mining. The country is responsible for 2% of global Bitcoin (BTC) mining. However, the government sees little economic value in these operations and seeks to redirect energy resources.
norway’s strategic move reflects a global trend of regulating energy-intensive technologies. By prioritizing lasting energy use, they set a precedent for balancing innovation and resource management.
- Norway bans new crypto mining centers to save energy
- Government wants to redirect focus to local economy sectors
- Miners contribute 2% of global Bitcoin hash rate
The temporary ban is part of Norway’s effort to create a more balanced energy economy. While crypto mining benefits from Norway’s cheap electricity, its overall contribution to economic growth falls short of expectations.
