Crypto News: Mining Bitcoin (BTC) In Norway Gets a LOT More Expensive in 2019 and Crypto Market Still Down
In today’s edition of Crypto News, we’ll cover why Bitcoin mining is expected to get a lot more expensive in Norway in 2019 and the details of the crypto market hitting its 10-day low.
A Swiss newspaper made the announcement today that its country will be acting to end electricity subsidies for Bitcoin mining. Until now, mining farms operating in Norway have been paying a low rate of 0.48 ore per kilowatt. As of January 2019, it will be raised to 16.58 ore per kilowatt.
Lars Haltbrekken, a parliamentary representative from the Swiss Socialist Left Party, said:
“Norway can not continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [Bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”
Norway has been a haven for Bitcoin miners in the past due to its cold climates and low electricity rates; this is why it has made the top crypto news today. Many remain shocked as there was zero consultations or dialogue with the mining industry in Norway before action was taken.
However, there are some individuals in the blockchain space that agree with the government’s decision to remove the electricity subsidies. Jon Ramvi, CEO of Oslo-based Blockchangers, believes that “less mining in Norway will reduce the prices of electricity for companies and people residing in Norway, meaning that we reap the benefits of these resources locally instead of giving it away to Bitcoin miners.”
The cryptocurrency market and Bitcoin (BTC) have hit 2018 lows this week, breaking major crypto news headlines. Panic selling occurred across the board as BTC dipped below the $5,500 mark and XRP surpassed Ethereum (ETH) for market cap.
There are many speculations, but it remains unclear at this time what caused the dip in prices. Currently, Bitcoin (BTC) is trading below the $4,500 mark, a figure the digital currency hasn’t seen since September of 2017. At press time, the total cryptocurrency market cap is sitting just above $146 billion USD.
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