Bitcoin Mining Halt Triggers 20% Electricity Price Surge in Norwegian City

BE[IN]CRYPTO09-15

The closure of a Bitcoin mining operation in Hadsel, Norway, is expected to lead to a 20% increase in electricity bills. The shutdown occurred after local authorities declined to renew the facility's...

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The municipality initially granted the permit three years ago, but residents’ complaints about noise from the cooling fans led to its non-renewal. While many locals supported the shutdown, the decision affected Noranett, the area’s electricity provider.Read more:Bitcoin Mining From Home: Is It Possible in 2024?“It’s perplexing to see how some politicians continue to over","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","RIOT":"Riot Platforms","BK4588":"碎股","MARA":"Marathon Digital Holdings Inc","NRK":"Nuveen New York AMT-Free Munic","CHCO":"City Holding Company","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念"},"translate_title":"比特币采矿停产引发挪威城市电价飙升20%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHCO":1,"NRK":1,"RIOT":0.9,"MARA":0.8},"content_text":"The closure of a Bitcoin mining operation in Hadsel, Norway, is expected to lead to a 20% increase in electricity bills. \nThe shutdown occurred after local authorities declined to renew the facility's permit, due to noise complaints from residents.\nExperts argue that Bitcoin mining can help reduce energy costs by distributing grid expenses across a broader base.\n\nThe closure of a Bitcoin mining operation in Hadsel, Norway, could reportedly lead to an estimated 20% increase in household electricity costs. \nAccording to a report by the Norwegian Broadcasting Corporation (NRK), the Stokmarknes Datasenter Bitcoin mining facility ceased operations after Hadsel’s authorities refused to renew the company’s temporary permit.\nNorwegian City Learns The Importance of Bitcoin Mining\nThe municipality initially granted the permit three years ago, but residents’ complaints about noise from the cooling fans led to its non-renewal. While many locals supported the shutdown, the decision affected Noranett, the area’s electricity provider.\nThe mining facility accounted for 20% of its revenue. Noranett expects a significant rise in local electricity bills to compensate for the loss.\nRobin Jakobsen, Noranett’s network manager, explained that losing a major customer like the mining facility forces price increases. He estimated that other households would see a 20% increase in their bills, amounting to as much as $300 by next month.\nRead more: Bitcoin Mining From Home: Is It Possible in 2024?\nFollowing the news, market experts highlighted the impact of BTC mining on the local economy. Pierre Rochard, Vice President of Research at Riot Platforms, noted that Bitcoin miners often reduce electricity costs by distributing the grid’s fixed costs across a broader base of users.\nBitcoin environmental analyst Daniel Batten echoed this view, arguing that the fee hike is another example of how Bitcoin mining keeps energy costs down.\n\n“Yet another datapoint showing how Bitcoin mining keeps power prices lower for everyday people,” Batten emphasized.\n\nBatten further pointed out that Texas grid operators and peer-reviewed studies support the claim. He criticized politicians for disregarding the benefits of Bitcoin mining, saying it ultimately harms the public.\nRead more: How Much Electricity Does Bitcoin Mining Use?\nNorwegian Bitcoin writer Alexander Ellefsen expressed frustration over the government’s lack of support for using Bitcoin mining to tap into the country’s surplus energy. He highlighted that 97% of Norway’s electricity comes from renewable sources, primarily hydropower. During off-peak hours, excess water from Northern hydropower dams often goes to waste due to low demand.\n\n“It’s perplexing to see how some politicians continue to overlook Bitcoin mining as a potential solution. By utilizing this surplus renewable energy, we could support the Bitcoin network while ensuring better energy efficiency and reducing waste,” Ellefsen added.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467835270"}