Norway has struck a blow to its domestic crypto mining industry by acting to end electricity subsidies for BTC mining facilities.
The Kingdom of Norway is a unitary country in the Scandinavian Peninsula and several islands with an area on 385 thousand kilometers and a population of 5.3 million people. Norway is one of the wealthiest countries in the world in terms of income per capita. It is also high in such indexes as democracy, happiness and education. Most Norwegian exports are based on petroleum, but also include agriculture, heavy machinery and chemical products. Cryptocurrencies are legal in Norway and the taxation system of Norway applies to Bitcoin. Bitcoin profits are a subject of wealth tax and usage of Bitcoin is performed under sales tax regulations. Bitcoin’s definition in Norway is an asset and not any type of money. High technological development and the liberal market of the country made Norway a blockchain startup-welcoming place.
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