Topic: Bad News for miners in Noruega (Read 396 times)
IF you are tired from electricity now miners uses advance solar systems which are less costly for mining than using direct electricity over now and it is good that we have alternative now for mining and this is the best solution for miners.
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,
Miners all over the world are in difficult situation because the price is going down gradually. Hope they will over come soon. 
This is probably a good thing...miners shouldn't have received that preferential treatment anyway.
Wow man that's not cool, why so rude?
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.
I believe the Norway government move to be ill timed and not fair at all, the falling prices of bitcoins are already hurting and this news is like rubbing salts on miner wounds. I don't think that new asics can come out so soon, I hope the government considers giving them some subsidy. I feel the best thing for miners to do at current levels is to stop mining, and be patient till things improve.
This is probably a good thing...miners shouldn't have received that preferential treatment anyway.
No it is not a good thing if they continuously suffering the loss in this low time.
This is probably a good thing...miners shouldn't have received that preferential treatment anyway.
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.
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. 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
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
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.
Well that sucks. A good point was raised within the article though:
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.
Quote
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.
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
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.
bitcoin miners from Norway may move to Sweden or Denmark if the conditions in their country are worse than in Sweden or Denmark.
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)
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?
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?
In China, the miners are selling their devices by weight, per kilo, like a scrap rather than per unit.
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?
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
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.
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
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/
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