The post Norwegian Town Faces Higher Electricity Bills After Bitcoin Mine Closure appeared on BitcoinEthereumNews.com.

Residents of Hadsel, a small town in Norway, are seeing a sharp increase in their electricity bills following the shutdown of a local Bitcoin mine. The shutdown, which occurred during the week beginning September 9th, has led to high electrical charges for homes in the town since the shutdown resulted in a loss of revenue to the electricity company in town. The mayor of Hadsel, Kjell-Børge Freiberg, said that the Bitcoin mine was shutdown due to Noise pollution by many residents of the town, which has a population of 8,236. The clôsure was first perceived as a success by the activists and opponents of mining, who narrowed their efforts to the closure of the mine for years. However, the decision has created several fiscal repercussions for companies and individuals. Town Seeks Solutions After Bitcoin Mine Closure Causes $300 Increase in Power Bills The Bitcoin mine was responsible for about a fifth of the electricity consumption of Noranett, the local power distributor. The mine has been closed, so the town has lost this considerable source of revenue, and Noranett has had to increase electricity tariffs to cover the loss. Therefore, electricity bills for the residents have increased to about $300 per month. Noranett network manager Robin Jakobsen said the loss affected the company, pointing out that a huge customer disappeared in a single night. He stated that the average cost impact per household year would be 2500-3000 Norwegian krone, which is about $235-$280. A climate tech venture capitalist, Daniel Batten, noted that such a scenario shows how Bitcoin mining can help maintain affordable electricity rates for ordinary consumers. The Bitcoin data center consumes approximately 80 GWh of electricity per year, equivalent to the electricity used by about 3,200 households per year. Regarding the rise in costs, Mayor Freiberg stated that the…

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Filed under: News - @ September 16, 2024 9:24 am