Norway Ends Power Tax Subsidy for Bitcoin Miners
The Norwegian government has scrapped a power subsidy currently granted to bitcoin miners.
According to a report from local news outlet Aftenposten, in its state budget, the government said that cryptocurrency miners in the country will have to pay normal electricity tax from the New Year.
At the moment, larger mining firms receive the same electricity tax discount as other power-intensive industries in the country. Those with a capacity of more than 0.5 megawatts are charged only 0.48 øre ($0.00056) per kilowatt hour instead of the standard rate of 16.58 øre ($0.019). An øre is 100th of a Norwegian krone.
That means that eligible miners have been paying just 2.8 per cent of the standard rate to power their rigs.