Norway complains about unusual problems caused by cryptocurrency mining

Residents of the Norwegian city of Sortland have been complaining about local bitcoin miners due to the high noise level from mining equipment. Kjetil Hove Pettersen, CEO of the Norwegian mining farm KryptoVault, said that bitcoin miners in the city use energy from renewable sources and even use the heat generated to dry wood and algae, which helps local businesses.

Most residents of the city do not mind the mining farms, as they only consume excessive energy produced by hydroelectric power plants and do not affect the energy supply of Sortland. However, according to Pettersen, local miners are often blamed by the townspeople for rising electricity prices and suppressing other industrial sectors.

The head of KryptoVault listed the advantages of mining development in Northern Norway:

• creation of new jobs
• replenishment of the state treasury by paying taxes and reducing overall network fees for consumers.

Pettersen acknowledged that the mining industry will have to work hard to dispel the myths that cryptocurrency mining is harmful to the environment.

We recently reported that the Norwegian state bank plans to test a single state cryptocurrency. The procedure will allow to evaluate cryptocurrency technologies and related economic challenges. Norges Bank, the country’s central bank, will also determine how CBDC (central bank digital currency) will help ensure the stability of the Norwegian krone and the financial system as a whole.