Norway Pronounces New Legislation Increasing Oversight on Bitcoin Mining and Data Centers
Summary:
Norway introduces new legislation requiring all data centers to officially register and detail their operations. The move, which is likely to increase monitoring on Bitcoin miners, especially in light of the upcoming Bitcoin halving, is aimed at controlling the industry and reducing greenhouse gas emissions. Norway is the first European country to implement such a regulation.
The Norwegian government has introduced new regulation that requires all data centers within the country to officially register. This includes providing details about their owners and the digital services they provide. This makes Norway the first country in Europe to launch such guidelines. The primary aim of this regulation is to give government officials a clearer understanding of the data centers operating in their jurisdictions, which will aid them in decision making regarding their operations, according to Norway’s Minister of Energy, Terje Aasland. He stated, “the objective is to control the industry in a manner that allows us to decline projects that are not desirable.”
This move could bring about increased scrutiny for Bitcoin miners in Norway, especially with the upcoming Bitcoin halving, which will slash block issuance rewards by half, jeopardizing the miners’ profitability.
The Minister added that, so far, the crypto mining industry in Norway has been unmonitored, resulting in considerable greenhouse gas emissions, which is undesirable. The Norwegian government is not keen to attract businesses that merely aim to exploit the country’s cheap energy resources.
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This story is ongoing, and updates will be provided as more information emerges.
Published At
4/15/2024 3:05:57 PM
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