Norway is reportedly planning to introduce a temporary ban on the development of new data centers related to crypto mining, Reuters reported on June 20.
The report says the government is expected to implement restrictions by the end of the year, citing environmental and energy concerns.
The government says it aims to maintain electricity for more productive uses.
Norway’s Digitalization and Administration Minister Karianne Tun said the authorities would like to reduce crypto mining activities as much as possible. She added that these businesses provide limited economic benefits and, despite the large amount of energy consumption, they will bring in small numbers of jobs and tax revenue.
Meanwhile, this stance is at odds with many countries where Norway relies on Bitcoin mining to use surplus energy to promote national income.
In particular, countries such as El Salvador, Belarus and Pakistan have embraced state-backed mining programmes that support local economies, help stabilize the energy grid and reduce electricity costs for citizens.
Norwegian companies accept Bitcoin
Norwegian companies are becoming more involved in Bitcoin while the government opposes mining.
Nordics Bitcoin data reveals that Aker ASA, a leading industrial holding company, currently owns 754 BTC, exceeding $80 million, making it the largest corporate holder of assets.
Crypto-focused company K33 is also signaling plans to increase its accumulation, obtaining 25 BTC this year and increasing its holdings to 1,000 BTC.
Meanwhile, the Norwegian block exchange has recently purchased six BTCs and is hoping to expand its reserve to 10 BTC by the end of June as part of an exploratory initiative.
These moves suggest that Bitcoin continues to gain traction as the Treasury Ministry among Norwegian companies despite political headwinds.
Corporate interests are consistent with the global trends that have seen top cryptos become prominent players in the international financial system.