Norway Restricts Mining, But Bitcoin Advances

According to a article from Reuters on 20 June, Norway intends to temporarily ban the establishment of new data centres related to Bitcoin mining.

Spurred by concerns over environmental impact and energy consumption, this measure is expected to take effect by the end of the year.

The government argues that more profitable sectors of the economy could benefit from the electricity currently consumed for mining.

Norway's Minister of Digitalisation and Public Administration, Karianne Tung, emphasised that cryptocurrency mining offers very limited economic benefits.

She stated that although these projects require a lot of electricity, they generate few jobs and little tax revenue. The goal, he said, is to reduce crypto mining as much as possible.

"The Labour government has a clear intention to limit cryptocurrency mining in Norway as much as possible," Tung said.

A Global Divided Approach to Cryptocurrency Mining

Norway's decision to restrict mining contrasts with the attitude of a growing number of countries that welcome it.

Recently, nations such as El Salvador, Belarus and Pakistan have launched state-run mining initiatives of Bitcoin. These projects aim to harness excess energy, create jobs, reduce electricity tariffs for citizens and increase government revenue.

This divergence highlights a global debate on the pros and cons of cryptocurrency mining: some see it as an untapped economic resource, others as an unnecessary waste of energy.

BTC enthusiast Steve Platz, has shared some updates on the latest Bitcoin reserves:

"New data table for Nordic Bitcoin Treasuries.

Additions:

• Aker ASA: 754 BTC
• Goobit/BTCX: 2.3 BTC
• Standardcoin: 0 BTC (incoming 40 million NOK)
• Bitcoin Treasury Capital:
• 0 BTC (listing and coming 100 million SEK)

Not all of Norway is abandoning cryptocurrencies, despite the government's strict stance.
The country's major corporations are in fact increasing their reserves in Bitcoin.

Currently with a portfolio of 754 BTC (over USD 80 million), Aker ASA, a large Norwegian industrial holding company, is the largest corporate holder of Bitcoin in the country.

Crypto investment company K33 is also accelerating its Bitcoin accumulation: it recently purchased 25 BTC and aims to reach 1,000 BTC in the near future.

Similarly, Norwegian Block Exchange, as part of a strategic treasury project, has acquired 6 BTC and intends to reach 10 BTC by the end of June.

The corporate world thus seems to be moving closer and closer to Bitcoin, while the government seeks to hinder its mining.

These actions highlight how Bitcoin is becoming increasingly important as a treasury asset, even in contexts of political opposition.

In short, Norwegian corporate interest in cryptocurrencies and national politics seem to be travelling in opposite directions.

These actions highlight how Bitcoin is becoming increasingly important as a treasury asset, even in contexts of political opposition.

In short, Norwegian corporate interest in cryptocurrencies and national politics seem to be travelling in opposite directions.

The government's actions are also a sign of the growing importance of Bitcoin as a currency.