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 badly 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.
“Criticism will probably come, and I'm ready for that. In this case, there are multiple considerations that must be balanced, and we have concluded that the most important thing is that we continue to facilitate the establishment of data centers in Norway, "said Norwegian Minister of Regional Development and Digitization, Linda Hofstad Helleland , on the impending political crosses that will come from the new measure .
It is worth mentioning that the criptominería is in a time of revision after the recent halving , which could mobilize part of the hash in the Bitcoin network outside China . In the event that miners seek new horizons for their activity, European countries are preparing their land to be seductive destinations .
In recent weeks , the Ministry of Energy and Environmental Protection of Ukraine's announced that it considers the use of plant energy nuclear for mining crypto because of the current excess energy .
Precisely Ukrainian energy minister Olga Buslavets acknowledged that the initiative has broad support from the Ukrainian cabinet , which agreed to create a working group to explore the legal and practical feasibility of the plan.
Finally, the United States is also waiting for possible movements in the industry. Co-founder and CEO of crypto investment platform Layer1 , Alex Liegl , assured that his firm "plans to accumulate 25% of the bitcoin hash rate by 2021 only at its Texas facilities . "