Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Norway mulls over banning Bitcoin mining

CryptocurrencyNov 24, 2021 02:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Norway mulls over banning Bitcoin mining

Taking a cue from China, Norway may be the next country to hit hard on Bitcoin mining operations. The Scandinavian country has expressed its concerns over the potential environmental impact of crypto mining activities.

According to a report by Euronews Next, Norway, which became one of the top destinations for miners following the great China exodus, is also considering rolling out a Bitcoin mining ban.

Bjørn Arild Gram, the minister of local government and regional development, told a local news outlet that the country is mulling over potential policies to “address the challenges related to crypto mining,” adding that it is “difficult to justify the extensive use of renewable energy today.”

Gram referenced a proposal by Swedish regulators urging European nations to ban energy-guzzling proof-of-work crypto mining.

But while Norway is looking to restrict crypto mining activities, a Southeast Asian country is rolling out seemingly pro-Bitcoin policies. Lao, a debt-ridden country is looking to profit from the crypto industry by issuing new regulations on crypto mining and exchange activities.

Earlier this month, the country’s minister of technology and communications published a notice to regulate the operations of crypto miners and exchange platforms. According to local media The Laotian Times, crypto companies must make a $5 million security deposit at the Bank of Laos before they are allowed to operate. Companies must also have sufficient capital to operate and be wholly Laos-owned.

As for mining companies, they are required to use at least 10 megawatts of power under a six-year extendable contract with the region’s electricity provider. The new regulation also incentivizes mining operations as miners will be exempted from power transmission and import fees.

El Salvador has paved the way for Bitcoin adoption on a national level. Since then, several developing countries have turned to cryptocurrencies for support. Laos is one of the poorest countries in the Southeast Asian region, according to World Bank data. In 2018, it imposed a ban on cryptocurrency trading and mining. However, this was overturned in September following new rules and the authorization of six firms offering crypto-related services.

In addition to giving a positive nod to the crypto industry, Lao is also exploring the possibility of a central bank digital currency (CBDC). Last month, it enlisted a blockchain company to look into the matter.

Continue reading on BTC Peers

Norway mulls over banning Bitcoin mining

Related Articles

Buying NFTs With Credit Card — Now a Reality
Buying NFTs With Credit Card — Now a Reality By DailyCoin - Dec 02, 2021

Switchere, a licensed online crypto exchange, announced the integration of Concordium’s native payment token, the CCD. Switchere is supporting SpaceSeven which...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email