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Norway Plans Temporary Ban On New Crypto Mining Data Centres
- Norway is planning to impose a temporary ban on new cryptocurrency mining data centres to conserve electricity for other industries.
- This move follows other regions like New York and Kosovo that have implemented bans or restrictions on crypto mining due to power consumption concerns.
- A two-year moratorium in New York effectively banned crypto mining unless operations were powered by 100% renewable energy sources.
- In 2022, Kosovo banned cryptocurrency mining due to energy crisis reasons and rolling blackouts.
- Norway's government, led by the Labour Party, aims to limit cryptocurrency mining in the country citing power consumption and minimal local economic benefits.
- The environmental impact of crypto mining, known for its high energy consumption, is significant, often relying on electricity from fossil fuels like coal.
- The United States, a major player in Bitcoin mining, largely uses fossil fuels for energy generation.
- Research indicated that crypto mining consumed 0.45% of global electricity production in October 2021 with ongoing increased power usage.
- In 2019, China dominated Bitcoin mining energy consumption globally, but a crackdown in June 2021 led to illegalizing digital currency transactions.
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