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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/stokmarknes-residents-celebrate-closure-of-noisy-bitcoin-mining-facility/" data-wpel-link="internal">Stokmarknes Residents Celebrate Closure of Noisy Bitcoin Mining Facility</a> 
Residents of Stokmarknes, located in northern Norway, are celebrating the closure of a local Bitcoin mining facility operated by Kryptovault, which had been a source of noise complaints for over two years. 
<h2 id="noisy-facility-disturbed-neighbors">Noisy Facility Disturbed Neighbors</h2> 
The mining facility, known for its loud cooling systems, was likened by neighbors to a 24-hour lumber mill. 
<blockquote> 
 Harald Martin Eilertsen stated, “We had to keep our windows shut at night to sleep.” 
</blockquote> 
<h2 id="closure-affects-electricity-bills">Closure Affects Electricity Bills</h2> 
Despite the end of the noise, the closure led to an unexpected outcome—a 20% increase in electricity bills. 
Kryptovault was the largest customer of the local energy provider, Noranett, accounting for 20% of its revenue; it filed for bankruptcy in September 2023. 
With the facility’s closure, Noranett is passing the financial burden onto other consumers in the region, resulting in rising electricity costs. 
<blockquote> 
 The network manager of Noranett mentioned, “The increase in electricity bills will take effect next month.” 
</blockquote> 
<h2 id="government-regulations-make-mining-difficult">Government Regulations Make Mining Difficult</h2> 
The closure comes just after the Norwegian government proposed regulations aimed at limiting the growth of energy-intensive data centers and <a href="https://en.coin-turk.com/bitcoin-price-trends-and-expert-predictions-as-halving-approaches/" data-wpel-link="internal">crypto</a> mining, set to take effect in April 2024. 
These ongoing discussions would require data centers to register their activities, enabling authorities to identify and limit energy-intensive operations such as crypto mining. 
Minister of Digitization Karianne Tung emphasized that Norway aims to attract data centers that strengthen national infrastructure rather than consume energy resources. 
<blockquote> 
 Energy Minister Terje Aasland supported this idea, stating, “Crypto mining is an example of an unwanted business type in Norway.” 
</blockquote> 
If Prop 93 is passed, the crypto mining sector may face significant setbacks. 
Increased compliance costs and stricter regulations could reduce profitability and deter new projects, leading miners to relocate to more flexible areas. 
While the closure of Bitcoin mining alleviates noise issues for the local community, rising electricity bills have emerged as a new concern. The Norwegian government’s stance on energy-intensive activities and potential regulations casts uncertainty on the future of the crypto mining sector. This situation highlights the importance of balancing efficient energy use with economic activities. 
The post <a href="https://en.coin-turk.com/stokmarknes-residents-celebrate-closure-of-noisy-bitcoin-mining-facility/" data-wpel-link="internal">Stokmarknes Residents Celebrate Closure of Noisy Bitcoin Mining Facility</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Stokmarknes Residents Celebrate Closure of Noisy Bitcoin Mining Facility

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