Norway's Government Has Legalized Bitcoin Mining
The Bitcoin market is now in a bear market, there is some really encouraging news. The Norwegian parliament has rejected a proposal to make Bitcoin mining illegal.
Bitcoin’s future in Norway was uncertain until May 10. The local Red Party proposed a complete ban on Bitcoin mining in March during this swarm. The Socialist Left Party and the Green Party, among others, backed it.
Fortunately for Bitcoin, this concept was completely rejected, allowing miners to continue participating in the network. In this case, Parliament has opted for a free-market approach, enabling economic currencies to determine their own fate.
According to Jaran Mellerud, an analyst at Arcane Research, while the verdict benefits the cryptocurrency business, Bitcoin opponents in Norway will not lay down their arms. According to him: “After losing this vote, these political parties will probably make one more attempt to increase the energy tax specifically for miners, which is now their only tool left in the toolbox to make life difficult for miners.”
He goes on to argue that in the past, left-wing parties had conducted similar activities. They were all, however, a failure.
In Scandinavian countries, bitcoin mining and its high energy use are big subjects. For months, Sweden, like Norway, has been drawing attention to the problems it is facing as a result of miners’ conduct. On the European Parliament’s request, this issue is also being discussed. The EU governments have made no firm statements on the matter so far.Continue Reading