The Norwegian Parliament rejects a proposal to ban bitcoin mining

The Norwegian Parliament rejected a request to outlaw Bitcoin mining, enabling the country's crypto mining business to thrive.

The Norwegian Parliament reject proposal to ban BTC
The Norwegian Parliament

The proposal, first proposed by the Red Party in March, was rejected by a legislative vote on May 13, according to report.

Outside of Norway's Socialist Left Party, Red Party, and Green Party, the prohibition failed to gain political traction and was eventually repealed.

Sofie Marhaug of the Red Party told E24 that she was "clearly dissatisfied" by the majority decision and that her party would try harder in the future to get citizen support.

She stated that the country must "prioritize" its energy use, citing crypto mining's energy-intensive nature and negative impact on climate change.

According to Jaran Mellerud, an analyst at Arcane Research, the vote was a bigger success for large-scale Bitcoin mining:

"Having lost this vote, these political parties will likely make one more attempt at increasing the power tax specifically for miners, which is now their only tool left in the toolbox for making life difficult for miners."

Mellerud alleged that anti-Bitcoin political groups have been attempting to drive miners out of Norway by enacting a higher electricity tax rate.

He dubbed the government's move to overturn the idea "the next nail in the coffin" for efforts to eliminate the crypto business in Norway.

With ample hydropower and low energy prices, the research asserts that Norway is a "green oasis" for Bitcoin mining.

Norwegian miners generate up to 1% of the worldwide hash rate of Bitcoin, thanks to the use of renewable energy in the country.