BlockBeats reported that Dennis Porter, CEO and co-founder of the Satoshi Action Fund, shared on social media that a small town in Norway saw residents’ electricity bills surge by over $300 per household, an increase of more than 25%, after a ban on Bitcoin mining was imposed.
When the ban took effect and Bitcoin miners left, the demand on the local power grid shifted dramatically. Bitcoin mining operations, which had been large consumers of electricity, ceased, leading to an oversupply of power. To compensate for the loss of these major customers, local power companies may have raised electricity prices for residents and small businesses to cover the cost gap.
This situation highlights the economic impact of banning Bitcoin mining on local energy markets, where large-scale industrial users play a critical role in maintaining a balance in power demand and pricing.
