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The Norwegian government has taken a significant step towards shutting down cryptocurrency mining activities in the country with the passing of a new law aimed at regulating data centers. This move comes as part of Norway’s efforts to curb greenhouse gas emissions and prevent businesses that emit such gases from operating within its borders.
Energy minister Terje Aasland emphasized that Norway does not want this type of business in the country, and the new law will require data centers to register with local regulators. This marks the first time the industry will be regulated in Norway, signaling a clear intention to control and potentially phase out crypto mining operations.
Norway’s stance on crypto mining is not new, as the government had previously hinted at supporting a ban on such activities proposed by Sweden. The unregulated nature of crypto mining in Norway has made it a popular destination for miners due to low power prices, but the government’s move to regulate and potentially ban the industry could have significant implications for the wider crypto sector.
The passing of this law comes just days before Bitcoin’s halving event, which will reduce the rewards for miners and impact the circulation of new Bitcoins in the market. Norway’s position on crypto mining aligns with other countries like Russia, where discussions on regulating the industry are also taking place.
Overall, Norway’s decision to regulate and potentially phase out cryptocurrency mining reflects a growing trend towards environmental sustainability and responsible business practices in the crypto industry. It remains to be seen how this new law will impact the future of crypto mining in Norway and beyond.
