Mining

23/11/18 06:44 UTC-4

In Norway, abolished the privileges on electricity for miners

Norwegian miners will now pay full price for electricity
Norwegian miners will now pay full price for electricity

The Norwegian government refused to subsidize electricity, which until now has been provided to the miners of Bitcoin cryptocurrency, – according to inf. agency aftenposten.no.

According to the updated report of the Aftenposten Norwegian news agency, the government of the country and the tax service of Norway stated that miners now have to pay the full price for electricity from the beginning of 2019.

Currently, in Norway, large miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
companies receive the same discount on electricity as other energy-consuming industries. Those users whose electricity consumption capacity is more than 0.5 megawatt are charged only 0.48 øre ($ 0.00056) per kilowatt-hour instead of the standard rate of 16.58 øre ($ 0.019). This means that most active miners pay only 2.8 percent of the standard rate for electricity.

"Norway cannot continue to provide such huge tax breaks for mining (...) It requires a lot of energy and generates large greenhouse gas emissions around the world (...)" – from the report of Lars Haltbrekken, representative of the Norwegian Parliament

Roger Schjerva, economist at ICT Norway, said: "This decision is simply shocking (...) The budget has changed the conditions without discussion, consultation or just a dialogue with representatives of this sphere (...)"

Now, with the termination of payments of subsidies and benefits for miners, the owners of "crypto" farms and Asics will have to pay several times more. As you know, the proposal to abolish the subsidies of the Norwegian miners was proposed by the Norwegian tax administration, which is subordinate to the Ministry of Finance of the country.

At this stage, the proposal was approved in the state budget, the law will come into force on January 1, 2019.

Editor: Yuliya Soroka

See also: "Price collapse in China: sale of mining equipment in Xinjiang for 5% of the total cost"

#Mining #Norway #electricity #legislation

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