Norway's cryptocurrency slapdown

Norway has scrapped electricity subsidies for cryptocurrency mining to protect the environment. Local miners will have to pay full whack for their power starting in January.

To date, Bitcoin miners have, as data centres, been the recipients of huge subsidies, paying a mere 3% of the standard energy rate applied to other businesses.

The move could scare off Russian operators which have been investing in Norway. Earlier this year, the Russian New Mining Company, a large-scale crypto-mining outfit, announced that it planned to deploy thousands of mining units in a new $125m Norwegian farm. 

A local MP told parliament that the country could no longer provide incentives for a dirty activity that requires huge amounts of energy and generates large greenhouse gas emissions.

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