Norway to Deprive Miners of Electricity Concessions

Northern Bitcoin reports the cost of mining one bitcoin in Norway is about $ 7,700
22 November 2018   839

In the state budget of Norway for the next year there are no special preferential conditions for the mining industry. So, from January 2019, the miners will be forced to pay at standard rates, reports Forbes, citing local sources.

If now the price of a kilowatt for miners is about $ 0.05, then in January it will increase to $ 1.94. Northern Bitcoin reports the cost of mining one bitcoin in Norway is about $ 7,700. In China, for example, this figure is significantly lower - $ 3,100.

Norway can not continue to provide huge tax incentives for the most dirty form of cryptographic output as bitcoin. It requires a lot of energy and generates large greenhouse gas emissions globally.

Lars Haltbrekken

Parliamentary representative, Norway

Earlier, mining enterprises in the Chinese provinces of Xinjiang and Guizhou suspended their work at the time of the tax audit, and the network hashrate fell by almost 20%.

Hut 8 to Unveil BTC Mining Cost Price in 2018

In 2018, company produced 5592 BTC; in the first quarter, the mining of one BTC cost $2055, and in the fourth quarter it reached $3995
07 May 2019   226

Mining Company Hut 8 Mining Corp. published a financial report for the last year, in which it disclosed data on the growth of the cost of Bitcoin production in each quarter.

In 2018, the company produced 5592 BTC, however, during this period, the cost of activity increased significantly. In the first quarter, the mining of one Bitcoin cost $ 2055, and in the fourth quarter $ 3995, which had a very negative impact on the margin.

Hut 8 Management’s Bitcoin Outlook
Hut 8 Management’s Bitcoin Outlook

At the same time, operating losses in the last quarter of 2018 were $ 116.56 million. This was probably due to a sharp fall in Bitcoin exchange rate in November.

Bitcoin Farm of Hut 8 is located in the Canadian Medicine Hut. There are also mining data centers built in conjunction with the Bitfury Group.

We note that recently the hash rate of the first cryptocurrency updated the six-month maximum. Such dynamics are most likely related to the re-integration of the old Antminer S9 models into the network, which again began to bring profit to the owners.

It is expected that in the summer in some provinces of China, tariffs for hydropower will decrease, allowing even more miners to do business.