Bad News for miners in Noruega

[mocker001]

Following the fall of the prices of the Bitcoin, the government of Noruega has stopped the Electricity Subsidies From Bitcoin Mining Farms. Jon Ramvi, CEO of Oslo-based blockchain advisory group Blockchangers, said: "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.”

So bad news for our friends in Noruega with no electrical subsidies and with BTC on low prices...

Article:https://cointelegraph.com/news/norway-withdraws-electricity-subsidies-from-bitcoin-mining-farms

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[cpoer2011]

I feel sorry for miners in Noruega because the cannot cover the electricity cost with bitcoin price so low. I heard that not only in Noruega, but China also got impact too because of Bitcoin low rate and many miners throw they miners equipment into the street. I saw it on a video but I don't know if it's true. Not yet,

[dothebeats]

I feel sorry for miners in Noruega because the cannot cover the electricity cost with bitcoin price so low. I heard that not only in Noruega, but China also got impact too because of Bitcoin low rate and many miners throw they miners equipment into the street. I saw it on a video but I don't know if it's true. Not yet,

That video of people throwing their miners on the street was perhaps the result of a flood that damaged a lot of mining hardware in China and has nothing to do with current market conditions. For now, if the production costs outweighs the actual profit of operators, it's best to shut down the machines for a while and wait for everything to subside. No one can clearly afford to operate at a loss, so it's sensible and practical to just turn it off or mine other alternatives. Everything in the mining scene seems to be crumbling, especially the small-medium sized mining farms, and hopefully price starts to recover at least just to cover the expenses of these mining operators.

[yanetriwidia]

phew that was bad news , no one in Noruega start mining Bitcoin again , yeah i knew yesterdar /several days ago bitcoin was felt down a lost , many investor / trader made a big LOST
so i knew thats way noreuga cannot cover the eletrcity cost
just to say on other county if several coutry will meet the same , i think bitcoin will go down again bcz you know ? it will make time for confirmation approved

[jseverson]

Well that sucks. A good point was raised within the article though:

Ramvi added that "more miners in the Bitcoin network does not make it faster or scale better. The only function of more miners is securing the network further,” arguing that the BTC network has been “extremely secure” for “over a year,” removing the need to incentivize more miners.

But yeah, even if their overall hashrate isn't too significant in the big picture, this still hurts because mining already suffers from a distribution issue. One fewer viable country to mine in.

[stompix]

the government of Noruega

Nice one, is this a honeypot topic?

I feel sorry for miners in Noruega

no one in Noruega

So much for the cheap electricity for miners in Nórsko, I wonder if they must abandon Norwy, where they are going to move, to Lupangyelo ?  Indeed strange move from the government of Norja, but if the people of Noregur will benefit in form of cheaper electricity rates in Noorweë it makes sense to think of Norvegians first and then about miners in Noorwegen.  

I'm willing to bet 10 satoshis that 50% of the people that will post here in this topic from the second page on, about Noreuga, will do it with no clue where this country is.

Joke aside, it seems like there is a serious shortage of cheap electricity in Norway(!)
https://www.reuters.com/article/norway-power-hydro/norways-usually-cheap-energy-as-costly-as-germanys-in-q3-regulator-idUSL8N1U11M0

You get cheap energy as long as there is water and wind, if those are no more, then you're going to turn from an exporter to in importer, and it makes no sense to subsidize crypto mining operations in this scenario when there is little in return

But somehow I doubt those numbers are correct:

Until now, mining farms — in keeping with other power-intensive industries — paid a low rate of 0.48 øre ($0.05) per kilowatt. This will now rise to 16.58 øre per kilowatt as of January 2019, following an amended to the state budget agreement.

0.48 øre are 0.0048 Krone which is 1/5 of a cent.

[Dondont]

Following the fall of the prices of the Bitcoin, the government of Noruega has stopped the Electricity Subsidies From Bitcoin Mining Farms. Jon Ramvi, CEO of Oslo-based blockchain advisory group Blockchangers, said: "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.”

So bad news for our friends in Noruega with no electrical subsidies and with BTC on low prices...

Article:https://cointelegraph.com/news/norway-withdraws-electricity-subsidies-from-bitcoin-mining-farms

yes, it's sad to see the news that the effect of the fall in the price of bitcoin is very large, especially for those who rely on mining to be the main job to get BTC, if this is the case, they get a big loss

https://news.bitcoin.com/miner-goes-bankrupt-manufacturers-stuck-with-inventory-old-rigs-sold-for-scraps/

[Bonheur]

Bad news for bitcoin miners but looks like good news for norwegian people.It is a really interesting thing that bitcoin mining can effect prices this much in a country.It looks like bitcoin did not become a global currency but people adopted it or its effects all the way even if they don't understand.

[btyco]

Norway has huge gas reserves and is a wealthy country, however the cost of living is astronomical. Even with energy subsidies it is not worth setting up a mining farm there

[kaisa]

The news made people who crypto mining in Norway disappointed, although the news has not had a bad effect on the performance of bitcoin hashrate. The decline in Hashrate is still due to BCH children's warfare. However, the news should be confirmed to miners in Norway, is it true or false?

[efffgin]

In China, the miners are selling their devices by weight, per kilo, like a scrap rather than per unit.

[pixie85]

Welcome to reality. They were getting preferential treatment and now they will have to pay like everyone else. Why are you posting it like it was bad news?
They were given some cheaper power for a time and now they will have to pay normal rates like everyone around the world does. Would you like your neighbor to say he's mining and get 50% off his power bill and you have to pay full price?

[drumamat]

This news will certainly hit Norwegian miners hard.Most likely they will have to transport their equipment to countries with cheaper electricity.I have no information about how much equipment is involved in the mining of cryptocurrency in Norway,but I assume that we are talking about not very large numbers.In General, I am very surprised that in this country still gave subsidies for mining) in my country, these issues are not even discussed.All miners pay the same as ordinary people.Although for 100 kilowatts I pay 1$.Therefore, the extraction of minerals is common. I invite Norwegians to me for cryptocurrency mining)

[nikola22]

bitcoin miners from Norway may move to Sweden or Denmark if the conditions in their country are worse than in Sweden or Denmark.

[clrpod]

It seems inevitable that we're going to be in for more lowering in the difficulty unless new asics etc can increase the hash rate so as to make mining at current prices profitable. The current prices have to be squeezing out so many of the smaller miners.

[mocker001]

Norway has huge gas reserves and is a wealthy country, however the cost of living is astronomical. Even with energy subsidies it is not worth setting up a mining farm there

yes is not worth it now

[minairia3]

Well that sucks. A good point was raised within the article though:

Ramvi added that "more miners in the Bitcoin network does not make it faster or scale better. The only function of more miners is securing the network further,” arguing that the BTC network has been “extremely secure” for “over a year,” removing the need to incentivize more miners.

But yeah, even if their overall hashrate isn't too significant in the big picture, this still hurts because mining already suffers from a distribution issue. One fewer viable country to mine in.

Yes the more miners the more secure so I think if other miners will fall in other parts of the globe aside from the many mining like in China there will be more chance of monopoly if that happens. And yes given the climate it's sad to lose a real viable place like that.

[th3nolo]

Following the fall of the prices of the Bitcoin, the government of Noruega has stopped the Electricity Subsidies From Bitcoin Mining Farms. Jon Ramvi, CEO of Oslo-based blockchain advisory group Blockchangers, said: "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.”

So bad news for our friends in Noruega with no electrical subsidies and with BTC on low prices...

Article:https://cointelegraph.com/news/norway-withdraws-electricity-subsidies-from-bitcoin-mining-farms

The idea of mining Bitcoin is being profitable and help the network without any subsidiary, why? Because any government that it's losing the control of its wealth I mean, central banks could refuse to sell cheap energy at any moment like this to put its efforts to shut down Bitcoin something that has never happen before but In the long run. That's why miners can't be complacent because they have cheap energy to make a profit in a bear market. A government refusing to that could easily shut down or at least put in danger the network, something that governments can afford to do.

[NickVick]

Following the fall of the prices of the Bitcoin, the government of Noruega has stopped the Electricity Subsidies From Bitcoin Mining Farms. Jon Ramvi, CEO of Oslo-based blockchain advisory group Blockchangers, said: "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.”

So bad news for our friends in Noruega with no electrical subsidies and with BTC on low prices...

Article:https://cointelegraph.com/news/norway-withdraws-electricity-subsidies-from-bitcoin-mining-farms

Not only miners in Noruega but also miner all over the world are in difficult situation now, the price is very low now, they are not able to deal with the cost for mining.

[nagobinga]

indeed why there must be a misunderstanding by bitcoin miners because it brings very bad news, therefore we must be careful to look for signatures because it can make us get nothing until the coins we get are worthless.