Norway to Cut Taxes on Crypto Mining

Norway is implementing changes to its tax policies to attract crypto miners . In the same vein, the United States also seeks to grow in comparison to Chinese statistics which, despite having presented a small reduction in what goes of the year, has almost 70% of the total of the total hashrate.

The Norwegian government has proposed reintroducing a " reduced electricity budget " for crypto mining operations . According to the revised budget for 2020, the authorities of the Nordic country foresee a reduction of the electricity tax from NOK 0.1658 (USD 0.016) per kWh to NOK 0.0048 (USD 0.00047) per kWh.

The Norwegian economy was severely hit by the COVID-19 crisis , due to its heavy dependence on the oil market . The collapse of prices and the increase in unemployment were two important factors for the government to go out in search of new areas of exploitation .

In 2016 , Norway had already taken a similar move to entice emerging technology industries to take advantage of local energy - relatively cheap and renewable - even though opposition demands managed to exclude crypto miners from the plan.