Data center managers in Sweden are expecting a deluge of inquiries from cryptocurrency mining operations in Norway. The Norwegian authorities this week revoked energy tax subsidies for the sector, throwing the future of many companies into doubt.
Up until this week, mining firms in Norway qualified for the same electricity tax discount as other heavy users. Businesses with a capacity of over half a megawatt, pay only 0.48 Norwegian Krone (5.6 cents) per kilowatt-hour. With that subsidy now rescinded, miners will pay the standard rate of 16.58 Krone, or nearly $2 per kilowatt-hour.