RATE Group | Norway Cuts Energy Subsidy Given to Cryptocurrency Miners
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Norway Cuts Energy Subsidy Given to Cryptocurrency Miners

23 Nov Norway Cuts Energy Subsidy Given to Cryptocurrency Miners

Posted at 17:06h in Cryptocurrency News by

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Norway has reportedly decided to stop giving cryptocurrency mining facilities in the country a subsidy on electricity that was helping them stay afloat during the cryptocurrency ecosystem’s extended bearish period.

According to local news outlet Aftenposten, mining farms in the country had to pay about 0.48 øre ($0.00056) per kilowatt thanks to the subsidy. The price is now set to increase to 16.58 øre ($0.0194) per kilowatt at the beginning of next year. 100 øre equals 1 Norwegian krone ($0.12).

This means that the miners who were receiving the subsidy were paying about 2.8% of the standard rate to power their machines, and may also mean the country can stop being an attractive hub for cryptocurrency miners, which earlier this year were moving to Norway and Sweden over the low electricity-related expenses in the countries.

The move was made with an amendment to the state budget. Commenting on the subsidy’s existence a policymaker from the…

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