A bill by representatives of the left-wing parties aimed at a complete ban on energy-intensive mining of cryptocurrencies did not get the support of the majority of Norwegian deputies.
In November 2021, the Norwegian government began to consider proposals for a partial ban on mining cryptocurrencies, put forward by the Swedish regulatory authorities. The background was the growth of electricity consumption by miners, which does not allow Scandinavian countries to comply with the Paris Climate Agreement.
In March 2022, parliamentarians of the left-wing Red (Rödt) Party, supported by the Socialist Left Party and the Green Party, submitted a bill to the Norwegian Parliament to introduce a ban on energy-intensive crypto-mining. The Ryodt party also tried to push for a higher tariff for bitcoin miners.
Currently, households, companies and the public sector in Norway pay an average of $2.51 per kilowatt-hour for electricity, with industry paying a reduced fee of about $0.07 per kilowatt-hour.
Even though we have enough energy now, we will have to prioritize more strictly in the future, especially if we replace fossil fuels with renewables and Europe becomes less dependent on Russia,” said Sofie Marhaug, Rödt’s representative in parliament.
However, the parliamentary majority did not support the Red Party’s initiative and in May the bill to ban energy-intensive cryptocurrency mining was rejected.
We are very disappointed in most of our colleagues. We plan to electrify most of the country in the future, and if we don’t want to spoil Norwegian nature, we have to prioritize what this energy will be used for and how it will be used. But it seems that the parliamentary majority is prioritizing the market and is willing to bill ordinary Norwegian electricity consumers for mining,” Sophie Markhaug announced.
According to opponents of the bill, “it is questionable in principle to discriminate against data centers on the basis of a politically engaged social benefit”.
In April 2022, Arcane Research reported that thanks to hydropower and multiple sources of renewable energy, Norway is producing “100% green bitcoin”.