Norway's Crypto Crackdown: A Ban to Conserve Energy
Norway plans to temporarily ban new power-intensive cryptocurrency data centers to conserve electricity for other sectors. The Labour Party government aims to restrict crypto mining due to its high energy consumption and limited economic benefits. The ban may be implemented by autumn 2025.
In a move to conserve energy resources for other sectors, Norway is set to impose a temporary prohibition on establishing new cryptocurrency data centers employing power-intensive technology. The initiative, announced Friday, underlines the government's strategy to manage the nation's energy consumption.
Minister for Digitalization and Public Administration Karianne Tung highlighted that the Labour Party government intends to curtail cryptocurrency mining in Norway. She emphasized the industry's significant energy demands and its minimal contribution to local employment and revenue.
The government anticipates implementing this temporary ban in autumn 2025 to address the energy challenges posed by burgeoning cryptocurrency activities.
(With inputs from agencies.)
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