One disaster after another: Norway canceled bitcoin mining tax next year 1 month since the implementation of the normal rate

Bee: financial reports compiled according to a local news media reported that the green mining equipment encryption famous Norway decided to cancel prior to the encryption currency miners tax structure, the tax structure allows crypto currency miners and other large energy consumption in the same industry in the tax on electricity consumption tax.

A man named Lars Haltbrekken representative told Aftenposten: “Norway cannot continue to provide huge tax incentives for bitcoin the most dirty encryption monetary output form. It takes a lot of energy, and produce large amounts of greenhouse gas emissions in the world.”

This change is the crowning calamity. At present, the miners per kilowatt hour pay about 0.48 euros or $0.0005. The 0.5 MW or more other energy consumers. However, after January 1, 2019, they will be in accordance with the normal rate of 16.58 euros to pay electricity, or about 2 cents per kwh. Mine’s reaction from Norway is not optimistic.

From mainland Norway and CCN news: “power production, Norway is one of the most environmentally friendly countries in the world. 99% of the electricity comes from hydroelectric power, we continue to expand wind power, offshore wind power, solar power and biomass power facilities. 1 2018 and 2018 10 31, 15 071 492 export import 6 321 079 megawatts, megawatts, “net profit” 8 750 413 megawatt. Our green energy too much.”

“Norway’s parliament and the government claims to cancel the bitcoin by reason of electric tax relief is that bitcoin will produce large amounts of greenhouse gas emissions in the world, this is no reason. Why is a “green country” will punish mineral company from Norway, to encourage them in other places in the reconstruction, and generate higher carbon emissions? This is obviously foolish. If we want to become a “green country”, why don’t we stop offshore oil production?”

Look at this paragraph norskpetroleum: “in 2017, the total gas production growth for fourth consecutive years, natural gas sales record. The number of Norway in the sale of natural gas has never been so much in 2017. The next few years, the total output is expected to remain high.”

Another SP member of Parliament Sigbjrn Gjelsvik said they didn’t want to hire a small number of employees of the enterprise support. This may be the truth. So, when most other industries production task automation, we will stop supporting them? If so, let us say goodbye and the whole industry.

Kryptovault spokesman Gjermund Hagaster said: “if this is correct, then the Norway cryptocurrencies industry will be a complete disaster. This is to consider foreigners in Norway investment issued a terrible signal.”

According to Bitnodes, as of now, Norway is only 48 a complete bitcoin core node. Although bitcoin is often not familiar with it are used interchangeably, but can be inferred from the digital number of the country’s mining operations may not reach 1000. This means that, although it will take effect in early 2019, but not necessarily will have a huge impact on the bitcoin mining network, but it will certainly affect the future investment in Norway miners.

“Forbes” (Forbes) on the matter of the report quoted the North bitcoin (Northern Bitcoin), said, at present in Norway mining a bitcoin cost about $7700. No matter whether this is accurate, the mining industry of electricity will increase. Mining profitability varies due to several factors, especially mine scale. The ideal pool have many machines for 24 hours non-stop work, which means that even if there is no actual profit, the power will be consumed and used. The recent global crypto currency prices fall, will certainly have an indirect influence on Norway mine’s profitability, make it become the bitcoin miners disadvantaged areas.

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