Norwegian Government to Temporarily Ban New Cryptocurrency Mining Establishments

According to reports from Reuters and other media outlets, on the 20th, the Norwegian government announced plans to temporarily ban the establishment of new Bitcoin and cryptocurrency mining data centers. The decision was made to redirect electricity to other industrial sectors, deemed to be in the national interest, with an implementation target set for the fall of 2025. Karianne Tung, the Minister of Digitalization and Public Administration, stated that the Labour Party-led government has a clear intention to restrict cryptocurrency mining in Norway as much as possible. The reason cited is that power-intensive mining operations generate little employment or income for local communities. The government points out that the high electricity consumption of Bitcoin and cryptocurrency mining operations...