RATE Group | Blow To Norway’s Bitcoin Industry As Miners’ Subsidies Suddenly Scrapped
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Blow To Norway’s Bitcoin Industry As Miners’ Subsidies Suddenly Scrapped

21 Nov Blow To Norway’s Bitcoin Industry As Miners’ Subsidies Suddenly Scrapped

Posted at 13:02h in Bitcoin News by

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Bitcoin miners around the world have been wrestling with a huge cryptocurrency sell-off that has wiped 30% from bitcoin’s value in seven days, and now Norway’s bitcoin miners are facing a further blow after the country’s government moved to end electricity subsidies for bitcoin and crypto miners.

From January of 2019 bitcoin miners in Norway will have to pay normal electricity tax in the country, after their discount was removed in the state budget agreement, local media has today reported.

Bitcoin miners around the world are struggling to make ends meet and keep the power on amid bitcoin’s sudden sell-off. (Photo by: Andia/UIG via Getty Images)Getty

The removal of electricity subsidies for bitcoin miners in Norway will add further pressure on to the burgeoning industry, which has seen its profits heavily hit by the recent bitcoin and cryptocurrency rout and resulted in reports of many smaller bitcoin miners around the world switching off their…

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