After Bitcoin mining was banned in a certain place in Norway, residential electricity prices soared

BlockBeats reported that on September 15, Dennis Porter, CEO and co-founder of Satoshi Action Fund, posted on social media that after a small town in Norway banned Bitcoin mining, the electricity bills of residents soared by $300 per household (an increase of more than 25%).

When the ban was implemented and Bitcoin mining companies left, the demand and burden on the power grid changed significantly. Power companies lost major customers, and the demand for power on the power grid decreased, resulting in an oversupply of electricity. To make up for the loss of revenue, power companies may increase electricity prices for residents and small businesses to balance costs.