Norway Removes Tax Breaks for Bitcoin Mining as Crypto Firm Labels it a ‘Disaster’

Norway, a country known for its green crypto mining outfits, has decided to roll back a tax structure which previously allowed cryptocurrency miners to be taxed on power consumption at the same rate as other industries which use a lot of energy, according to a local news outlet.

The change is astronomical in nature. Currently miners pay about 0.48 Øre – or just 0.0005 USD – per kilowatt hour. This is in line with other high energy consumers of 0.5 megawatts or more. However, after January 1st, they will pay the normal electricity tax rate of 16.58 Øre, or roughly two cents – in tax alone – per kWh. The reaction from pro-business Norwegians was not favorable.

Reference: https://www.ccn.com/norway-removes-tax-breaks-for-bitcoin-mining-a-disaster-says-bitcoin-company/

Share this: