- Main event: Norway’s plan targeting energy-intensive crypto mining operations.
- Karianne Tung emphasizes environmental over economic benefits.
- Bitcoin operations likely affected, with minimal market disruption observed.
Norway’s government plans to implement a 2025 ban on energy-intensive crypto mining, impacting new power-hungry facilities. Minister Karianne Tung leads this initiative, prioritizing environmental concerns over economic gains.
- Main event: Norway’s plan targeting energy-intensive crypto mining operations.
- Karianne Tung emphasizes environmental over economic benefits.
- Bitcoin operations likely affected, with minimal market disruption observed.
Norway’s mining ban highlights a pivotal moment in digital policy, underscoring environmental priorities. Immediate market responses remain muted due to Norway’s small crypto mining footprint.
Government Initiative
The Norwegian government is preparing a ban on new crypto mining centers that consume significant energy. Karianne Tung, Minister for Digitalization and Public Administration, has spearheaded this move. Focusing on environmental concerns, Tung argues crypto mining offers little economic benefit.
“The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible. Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community.” – Investing.com
Targeted Technologies
The proposed ban targets energy-consuming Proof-of-Work technology such as Bitcoin (BTC) and Ethereum Classic. Ethereum, now using PoS, is unaffected. The policy aims to free power resources for other industrial needs, not directly impacting existing infrastructure.
Global Context
Although the proposal has limited immediate on-chain impact, Norway’s regulations reflect continuing global scrutiny on crypto mining. This approach follows similar bans seen in China and New York. Potential outcomes include shifts in global energy policies and monitoring of PoW technologies. Norway’s stance could influence future EU regulations without current evidence of notable liquidity or hash rate shifts.
