With Cryptocurrency mining consuming an ever-increasing quantity of energy worldwide, some politicians have started a push further for higher electricity rates for miners, testifying that their activities provide “no utility for society.”

Crypto mining facilities in several countries in Europe and North America get relish from a similar discounted electricity rates as different information centers and conventional energy-intensive industries pay.

However, some politicians are attempting to incorporate this subject in their agenda. The most recent example comes from Norway.

In a segment aired by Norwegian public broadcaster NRK on Thursday, a neighborhood local crypto mining firm called KryptoVault AS were attacked by Lars Haltbrekken, a left-wing member of parliament in Norway, pertaining to mining as “an huge waste of resources that maybe may are used for something useful instead.”

KryptoVault’s representative, former member of parliament Gjermund Hagesæter, defended their activity by saying that the choice for them and other miners within the country would be to move the mining operations to different countries with more polluting energy sources like coal.

Bitcoin  Energy Consumption Index Image 2

Countries with plentiful and low-cost energy coming from renewable sources have seen a large influx of crypto miners as of late, with Canada, the northeastern America, and therefore the Nordic countries being among the most well-liked locations.

The sentiment expressed within the discussion isn't unique to Norway, however may be found in countries all round the world.

In March, Plattsburgh, a small city in New York State, prohibited the launch of new Bitcoin  mining corporations for eighteen months and in may it received a permission to impose extraordinarily high-density load tariffs on Bitcoin  miners. Whereas China is already renowned for its policy against Bitcoin  mining, in Iceland, the minister of finance has warned that cryptocurrency mining might severely harm its economy.

Also, back in June, Hydro-Quebec, Canada’s biggest electricity supplier, said it had temporarily suspended new requests from crypto miners when demand had reached a degree where their ability to produce power to the region might be affected.

Meanwhile, politicians are taking part in the Bitcoin  mining card every now and then when mining profit reduced along with Bitcoin  costs this year.

As reported earlier by us , Bitcoin  miners have seen their profit plummet as recently, whereas some miners had to unload their coins to hide some of their losses.

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