Norway’s New Data Centre Legislation and Concerns for Bitcoin Miners

Bitcoin Miners Concerned Over Norway’s New Data Centre Law

Norway is drafting new laws to control data centres across the country and oversee the operations of Bitcoin miners, according to a recent report. The legislation aims to regulate data centres nationwide and provide oversight on the activities of BTC miners.

Under the new law, every data centre must register with the relevant authorities and provide comprehensive details about their services and ownership structure. The ministries of digitalization and energy in Norway have prepared what they believe is the first legislation in Europe to oversee the nation’s rapidly expanding data centre business.

The government’s stance on the matter was revealed by Norway’s Energy Minister, Terje Aasland, who stated that the country does not want data centres associated with cryptocurrencies. Aasland emphasized the importance of having serious actors who are important to society and expressed concerns about the increasing number of data centres set up for Bitcoin mining in Northern Norway.

Norway’s abundance of hydropower is a draw for miners, as the nation produces 100% of its electricity from renewable sources. However, the new legislation may impose restrictions on Bitcoin miners’ electricity usage, similar to what has been seen in Canada’s British Columbia Province.

The new legislative emphasis on data centres in Norway is a response to growing worries about Bitcoin mining, particularly in light of the upcoming halving event. 10x Research issued a warning that Bitcoin miners could lose up to $5 billion with the impending halving event, set to occur on April 20.

Overall, the new data centre law in Norway raises concerns for Bitcoin miners, as it may lead to more oversight and regulatory obstacles for those looking to operate in the country. The legislation reflects the government’s efforts to ensure responsible energy use and protect the nation’s social structure.