Evan

JUST IN: Norway plans temporary Bitcoin mining ban Let's take a look at what this means for Norway = Firstly, here is the government's stated reason for the temporary ban: "Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community." ~Karianne Tung, Minister for Digitalization But we already know that the first part of the statement is misleading, and the second part is false. In terms of power use, in places like Norway, where hydropower dominates the energy mix, Bitcoin miners have become key players in balancing supply and demand, ensuring that renewable energy remains profitable and scalable. Much of the power that Bitcoin mining draws is hydropower that would otherwise have been wasted. source: teapaw.org/DSBatten/status/188753… Bitcoin miners in Norway are currently rewarded by the Norwegian govt for reducing CO2 because the heat they produce obviates the need for gas heating. Norway’s temporary ban removes a technology solution that Norway has recognized as decarbonizing ! source: source: teapaw.org/JMellerud/status/19158… In terms of community benefit: this statement is not misleading, it is false Firstly: It keeps power prices low for the community. Norway discovered this the hard way when electricity prices rose 20% after Bitcoin mining was banned in one region of Norway source: thecooldown.com/green-busine… Second: Bitcoin mining has been shown to be a technology that can help Norway, who import 70% of their food, to greater food independence - a considerable community benefit source: teapaw.org/DSBatten/status/191813… Third: Aside from the community benefit of making energy more affordable and helping communities decarbonize, Bitcoin has been found to have considerable community benefits, both in independent reports just as this one which showed the community benefits of Bitcoin in US included creating 31,000 jobs, stabilizing electric grids due to their flexible power needs, and investing into their local communities In real life case studies, these benefits include employing locals, educating the workforce and even pushing down property taxes source: teapaw.org/DSBatten/status/193471… Local mayor Ward Roddam called Bitcoin mining companies "deeply invested in the communities where they work" citing numerous specific examples of where they'd uplifted his local community. source: teapaw.org/DSBatten/status/187382… So will Norway's temporary ban "help" the country? It depends on your definition of help. It will help Norway to maintain more fossil fuel based heat, waste a higher proportion of renewable energy, keep power prices high, while removing an important grid stabilization option. This is not conjecture. It is what the data is telling us. This is why 16 countries who initially banned Bitcoin have now unbanned it after discovering the negative impact that the ban had source: teapaw.org/DSBatten/status/189447… As we can see from the charts in the link above, as the rest of the world is gravitating towards embracing Bitcoin mining as a grid stabilization tool, essential to maintaining energy security, energy stability and decarbonization goals - Norway's government's actions move them in the opposite direction. Good luck Norway!