Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Norwegian Parliament voted in favour of mining Bitcoin.
Since November of last year, the Noriega government has been has been studying the possibility of a ban on mining Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . The country’s minister for local government and regional development, Bjørn Arild Gram, had said that month that the Scandinavian nation was considering possible political measures to “addressing the challenges related to cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. “and that it is “difficult to justify the extensive use of renewable energy today”.
Then, in March, the Red Party had proposed legislation to parliament that would ban the mining of Bitcoin . This one was under study.
But a few days ago, the Norwegian Parliament voted against the proposal to ban such mining.
According to a report by Cointelegraph, the proposal was rejected by a parliamentary vote. The ban did not gain political support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. outside of members of the Socialist Left Party, the Red Party and the Green Party of Norway, and was eventually rejected.
Disappointments and joys
Sofie Marhaug, of the Red Party, stated that she was “obviously disappointed ” for the majority vote and said his party would work harder to win the support of citizens in the future. He said the country must “prioritize” its energy use, noting criticism of the energy-intensive use of cryptocurrency mining and the negative impact on climate change.
Jaran Mellerud, analyst at Arcane Research, he told Cointelegraph that the vote meant a major victory for large-scale Bitcoin mining:
“Having lost this vote, these political parties will likely make one more attempt to raise the energy tax specifically for miners, which is now the only thing left in their toolbox to make life difficult for miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. s”.
Mellerud asserted that political parties hostile to Bitcoin have been trying to force miners out of Norway through the implementation of a higher energy tax rate. He described the government’s decision to overturn the proposal as “the last nail in the coffin” for attempts to rid Norway of the crypto-industry.
Green Oasis of Mining
The report states that Norway represents a “oasis verde ” for Bitcoin mining, with abundant hydroelectric power and low energy prices. Norwegian miners contribute a mere 0.7% to the global hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. rate of Bitcoin, according to a global report by the University of Cambridge. According to the media, part of the energy they use is renewable.
Its contribution to global mining is minor compared to other European countries. For example, Germany contributes 3% of the hash rate and Ireland 1.9%. However, it is much higher than other European nations that contribute 0.2% or less. But the overall contribution of the entire old continent is tiny compared to the United States which contributes 37.84% or China with 21.11%.
Version of DiarioBitcoin
Imagen de Unsplash