Today, the administration of Norway declared its intentions to implement a temporary prohibition on the establishment of new Bitcoin and cryptocurrency mining data facilities.
The administration determined that it was more advantageous to allocate electricity to different industries and economic sectors, deeming it more beneficial for the national interest.
“The Labour Party government is committed to restricting cryptocurrency mining in Norway to the greatest extent possible,” stated the Minister for Digitalization and Public Administration, Karianne Tung.
The governing Labour Party has linked the impending ban to the high electricity usage by energy-intensive Bitcoin and cryptocurrency mining activities, which it claims provide minimal advantages to the wider economy.
“Cryptocurrency mining is highly energy-consuming and yields little in terms of employment and income for the local population,” she further remarked.
“A temporary prohibition could be enacted during the autumn of 2025,” the administration noted.