Norway to regulate energy-intensive crypto mining activities
Norway is planning to regulate cryptocurrency mining activities in the country by restricting data centers. Two government officials intend to propose a new law that would bring the data center industry under regulatory oversight for the first time in Norway.
According to media outlets VGNorway's Digitalization Minister Karien Tung and Energy Minister Terje Aasland noted that the initiative is motivated by the government's desire to control and limit projects deemed undesirable, such as cryptocurrency mining, which are associated with significant greenhouse gas emissions.
Norway will become the first country in Europe to implement comprehensive regulations for data centers, focusing on controlling energy-intensive activities such as cryptocurrency mining. expected regulation
regulation
Like any other high net worth industry, the financial services industry is strictly regulated to help prevent illegal behavior and manipulation. Each asset class has its own set of protocols to deal with its respective type of abuse. In the foreign exchange sector, regulation is considered by authorities in several jurisdictions, although ultimately lacks a binding international order. Who are the leading regulators of the industry? Regulators such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help prevent illegal behavior and manipulation. Each asset class has its own set of protocols to deal with its respective type of abuse. In the foreign exchange sector, regulation is considered by authorities in several jurisdictions, although ultimately lacks a binding international order. Who are the leading regulators of the industry? Regulators such as the UK Financial Conduct Authority (
read this term Crypto mining operators are required to register with local authorities and disclose the services offered.
Tung noted: “The government requires a registration obligation to disclose who is behind the data center, who is the manager of the center, and an obligation to disclose what services are provided in the center. Its purpose is to regulate the industry in such a way that we can close the doors to projects we don't want.
JUST IN: 🇳🇴 Norway has become the first country in Europe to introduce rules for data centres, aimed at controlling which projects are allowed.
they tell #bitcoin Mining is “an example of a type of business we don't want in Norway” 😮 pic.twitter.com/NjmiCdkhc1
– Bitcoin News (@BitcoinNewsCom) 15 April 2024
by ordering data center
data center
A data center is a building or network used to house computer systems and related components, such as telecommunications and storage systems. This typically includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial-scale operations that use as much electricity as a small city. Over the past decade, data center space has been growing at an incredible rate. It has increased even more
A data center is a building or network used to house computer systems and related components, such as telecommunications and storage systems. This typically includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial-scale operations that use as much electricity as a small city. Over the past decade, data center space has been growing at an incredible rate. It has increased even more
read this term By requiring operators to disclose their activities, the Norwegian government aims to empower the relevant authorities to approve or reject projects based on their social and environmental impact.
Greenhouse gas emissions concerns
Aasland stressed the importance of promoting socially beneficial data centers. In Norway, crypto mining is considered incompatible with the country's environmental goals. Aasland highlighted concerns about the industry's significant greenhouse gas emissions.
He said: “This is incredibly important. It is very important to get a good overview of what services are offered in these data centers. This is the socially useful data center we want. “They are important for infrastructure.”
Meanwhile, there are about four days until the highly anticipated Bitcoin halving event occurs. According to a report by Finance Magnates, analysts expect a slight decline of 5% to 10% in the Bitcoin mining hashrate due to the current high profits in the mining sector. Some miners are reportedly planning to acquire more efficient equipment or diversify into other areas after the halt.
Meanwhile, Norway granted a license to Vienna-based crypto exchange Bitpanda last year, marking a significant milestone in the exchange’s European expansion efforts. Bitpanda has already obtained licenses in Austria, Germany, Czechia, France and Sweden. Additionally, the company received approval in Spain and entered the UK market by acquiring Trustology.
Norway is planning to regulate cryptocurrency mining activities in the country by restricting data centers. Two government officials intend to propose a new law that would bring the data center industry under regulatory oversight for the first time in Norway.
According to media outlets VGNorway's Digitalization Minister Karien Tung and Energy Minister Terje Aasland noted that the initiative is motivated by the government's desire to control and limit projects deemed undesirable, such as cryptocurrency mining, which are associated with significant greenhouse gas emissions.
Norway will become the first country in Europe to implement comprehensive regulations for data centers, focusing on controlling energy-intensive activities such as cryptocurrency mining. expected regulation
regulation
Like any other high net worth industry, the financial services industry is strictly regulated to help prevent illegal behavior and manipulation. Each asset class has its own set of protocols to deal with its respective type of abuse. In the foreign exchange sector, regulation is considered by authorities in several jurisdictions, although ultimately lacks a binding international order. Who are the leading regulators of the industry? Regulators such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help prevent illegal behavior and manipulation. Each asset class has its own set of protocols to deal with its respective type of abuse. In the foreign exchange sector, regulation is considered by authorities in several jurisdictions, although ultimately lacks a binding international order. Who are the leading regulators of the industry? Regulators such as the UK Financial Conduct Authority (
read this term Crypto mining operators are required to register with local authorities and disclose the services offered.
Tung noted: “The government requires a registration obligation to disclose who is behind the data center, who is the manager of the center, and an obligation to disclose what services are provided in the center. Its purpose is to regulate the industry in such a way that we can close the doors to projects we don't want.
JUST IN: 🇳🇴 Norway has become the first country in Europe to introduce rules for data centres, aimed at controlling which projects are allowed.
they tell #bitcoin Mining is “an example of a type of business we don't want in Norway” 😮 pic.twitter.com/NjmiCdkhc1
– Bitcoin News (@BitcoinNewsCom) 15 April 2024
by ordering data center
data center
A data center is a building or network used to house computer systems and related components, such as telecommunications and storage systems. This typically includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial-scale operations that use as much electricity as a small city. Over the past decade, data center space has been growing at an incredible rate. It has increased even more
A data center is a building or network used to house computer systems and related components, such as telecommunications and storage systems. This typically includes redundant or backup power supplies, redundant data communications connections, environmental controls, and various security devices. Large data centers are industrial-scale operations that use as much electricity as a small city. Over the past decade, data center space has been growing at an incredible rate. It has increased even more
read this term By requiring operators to disclose their activities, the Norwegian government aims to empower the relevant authorities to approve or reject projects based on their social and environmental impact.
Greenhouse gas emissions concerns
Aasland stressed the importance of promoting socially beneficial data centers. In Norway, crypto mining is considered incompatible with the country's environmental goals. Aasland highlighted concerns about the industry's significant greenhouse gas emissions.
He said: “This is incredibly important. It is very important to get a good overview of what services are offered in these data centers. This is the socially useful data center we want. “They are important for infrastructure.”
Meanwhile, there are about four days until the highly anticipated Bitcoin halving event occurs. According to a report by Finance Magnates, analysts expect a slight decline of 5% to 10% in the Bitcoin mining hashrate due to the current high profits in the mining sector. Some miners are reportedly planning to acquire more efficient equipment or diversify into other areas after the halt.
Meanwhile, Norway granted a license to Vienna-based crypto exchange Bitpanda last year, marking a significant milestone in the exchange’s European expansion efforts. Bitpanda has already obtained licenses in Austria, Germany, Czechia, France and Sweden. Additionally, the company received approval in Spain and entered the UK market by acquiring Trustology.
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