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, residents’ electricity bills soared by $300 per household (an increase of more than 25%).
When the ban is implemented and Bitcoin mining companies leave, the demand and burden on the power grid changes significantly. Power companies lose large customers, and the demand for electricity on the power grid decreases, resulting in an oversupply of electricity. In order to make up for the loss of revenue, power companies may increase electricity prices for residents and small businesses to balance costs.
