Trygve Slagsvold Vedum believes Norwegian BTC miners should not enjoy a reduced rate on their energy bills.
Trygve Slagsvold Vedum – the Finance Minister of Norway – urged the government to scrap its crypto program that allows domestic bitcoin miners to pay a reduced rate on electricity.
In his view, the current market conditions and the ongoing energy crisis in Europe are key reasons for this amendment.In 2016, the Norwegian government introduced certain energy benefits for data centers, including cryptocurrency miners, by enabling them to pay less for energy than general consumers.
“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016. In many places, the supply of power is now under pressure, which causes prices to rise. At the same time, we see a development with increased extraction of cryptocurrency in Norway. We need this power of community. The government will therefore discontinue the scheme.”
The Minister further claimed that removing the program would generate additional revenue of NOK 150 million for Norway’s economy.Currently, Europe’s power market is under major pressure due to Russia’s limited energy deliveries. The COVID-19 pandemic is another factor that worsened the situation. Numerous companies reduced their electricity needs between 2020 and the beginning of 2022 .
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