Cryptocurrency miners, who have received serious support in some regions so far, are waiting for difficult days in the coming period. Many countries are planning to take measures to regulate the energy consumption of crypto miners on their way out of the energy crisis.
Cryptocurrency mining is often accused of high energy consumption. In fact, according to some reports, the return of Bitcoin mining may be less than the cost to the environment. The energy crisis, which is at the door due to factors such as the Ukraine-Russia War, is also expected to negatively affect cryptocurrency miners. Many countries, especially some European states, are considering restricting cryptocurrency mining or removing the privileges that have been given.
Earlier to cryptocurrency miners tax deduction The Norwegian government is preparing to remove this discount with a new decision. Making a statement on the subject, the Minister of Finance of the country, Tygve Slagsvold Vedum, explained the logic of the decision. “At the moment, in 2016 We are in a completely different situation in terms of the energy market than when we offered lower tax rates to data centers. “ explained as.
Energy crisis calls into question the tax benefits given to mining
Currently in many regions in terms of energy supply There is intense pressure. Saying that this situation also increases energy prices, Vedum said, “We need this energy for the public. The government will therefore not continue to regulate (reduction).” used the phrases.
Actually all cryptocurrencies by mining not produced. In some cryptos proof-of-stake understanding prevails and this system works with a different logic. However, since there is no method to distinguish whether electricity is used for mining or operation, mining systems can be regulated despite some previous attempts.
Previously in the USA from the White House in the statements It was stated that crypto miners should be regulated in a way that causes the least environmental impact. The European Union has also taken steps to enact certain rules aimed at regulating the energy consumption of cryptocurrencies.
Source :
https://news.bitcoin.com/norway-prepares-to-reverse-electricity-tax-cut-for-cryptocurrency-miners/