Norway eyes crypto mining ban amid local firms’ heavy investments in Bitcoin

Norway is reportedly planning to introduce a temporary ban on the development of new data centres linked to crypto mining, Reuters reported on June 20.

According to the report, the government is expected to implement the restrictions before the end of the year, citing environmental and energy concerns.

The government says the aim is to preserve electricity for more productive uses.

Karianne Tung, Norway’s Minister for Digitalization and Public Administration, said authorities want to reduce crypto mining activity as much as possible. She added that these operations offer limited economic benefit, bringing in few jobs or tax revenue, despite consuming large volumes of energy.

Meanwhile, this stance puts Norway at odds with a growing number of countries turning to Bitcoin mining to utilize surplus energy and boost national income.

Notably, countries like El Salvador, Belarus, and Pakistan have embraced state-backed mining programs, which support local economies, help stabilize energy grids, and lower electricity costs for citizens.

Norwegian firm embraces Bitcoin

While the government is pushing back against mining, Norwegian companies are deepening their involvement in Bitcoin.

Data from Nordics Bitcoin reveals that Aker ASA, a major industrial holding company, currently holds 754 BTC, valued at over $80 million, making it the country’s largest corporate holder of the asset.

Crypto-focused firm K33 has also increased its accumulation, acquiring 25 BTC this year and signaling plans to increase its holdings to 1,000 BTC.

Meanwhile, the Norwegian Block Exchange recently purchased 6 BTC and expects to expand its reserve to 10 BTC by the end of June as part of an exploratory initiative.

These moves suggest that Bitcoin continues to gain traction as a treasury asset among Norwegian firms despite the political headwinds.

The corporate interest aligns with a global trend that has seen the top crypto become a prominent player in the international financial system.

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