Bitcoin, flagship competency, is always the center of debate when it comes to its mining and the possible harms that it inflicts on our environment. China issued a very severe track down against all crypto miners because of the potential effects on the environment and accelerating climate change. China has also made a pact that it will bring its carbon emission detail to zero until 2060. Long story short, every crypto miner has been discarded from China, and many of these have been repositioning their operations in other friendly countries such as the United States, Asian countries but mostly Europe.
Norway is among those European countries which earlier decided to host crypto miners and their operation but is now getting skeptical of the idea seeing the devastation it will inflict on the environment. The condition is so worse when it comes to Bitcoin mining, especially because none of the renewable energy sources are used for the sake of mining, and all of it potentially relies on the use of fossil fuels such as coal, oil, and gas, and that is extremely harming for the environment.
Norway also Urges Other Countries to Ban Crypto
Norway has raised its voice to issue a European Bitcoin mining ban and is urging other countries to do the same. Bjorn Arild Gram, who is the minister of local government and regional development, has addressed the nation that the country is aware of the Bitcoin mining practice that is taking place on its soil and all the harmful impact that it brings forward. Currently, a framework is being developed which would allow Bitcoin miners to come around a more applicable and prestigious way to mine crypto without inflicting so much harm to the environment.
Extensive use of renewable energy is also part of this program, and hopefully, it will all work out for the good of everyone. The proof of work mining algorithm for Bitcoin needs to go away if the asset wishes to continue mining on Norwegian soil. Despite this, many Asian countries such as Laos are regulating crypto mining and facilitating miners to mine as much Bitcoin as they need to, it is really a double-sided coin when it comes to Bitcoin mining, and the whole world seems torn on whether to appreciate it as a business activity or denounce it as potential harm to our environment.