Norway Bitcoin Miners Eye Exodus to Sweden after Electricity Tax Hike
The Norwegian government’s decision to scrap tax subsidy on the power conferred to bitcoin miners is prompting them to migrate offshore
The Swedish government charges around 0.5 øre per kWh in electricity tax from data centers while their Norwegian counterpart would begin charging 16.58 øre for the same next year. The law will specifically impact data centers involved in mining cryptocurrencies which, according to Norwegian parliamentary representative Lars Haltbrekken, is the “dirtiest form of cryptographic output.” The decision is likely to hammer down miners that are already reporting huge losses following the recent cryptocurrency market crash. Now with a new tax provision imposed, miners in Norway are sure about undergoing heavy losses. It allows them to either shut down operations or move to countries that are friendlier to their kind.
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3. 12. 2018