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Norway Places Temporary Ban on Crypto Mining Data Centres to Prioritise Productive Industries
- Norway has announced a temporary ban on new data centres meant for crypto mining to prioritize electricity for more productive industries.
- The ban aims to conserve electricity for industries that employ more Norwegians and contribute to the country's economy.
- The Norwegian government is concerned about the substantial electricity consumption by Bitcoin and other proof-of-work cryptocurrencies.
- The ban on crypto mining data centres is driven by the goal of meeting the nation's climate targets.
- Norway's finance minister mentioned that energy should be prioritized for projects that benefit the entire community rather than crypto mining.
- Residents in a Norwegian province protested against a local Bitcoin mine, leading to a significant increase in electricity prices when the mine was shut down.
- Russia has also implemented a mining ban in regions with vulnerable energy grids, following the global trend of scrutinizing crypto mining.
- Norway aims to align with climate targets, possibly pushing miners to invest in low-power consumption methods or switch to proof-of-stake.
- In 2024, Norway introduced regulations to register all data centres involved in crypto mining, not as a punishment but to align with national targets.
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