Hadsel Residents Face 25% Spike in Electricity Rates, $300 Annual Increase After Bitcoin Mine Shutdown

Sep 15, 2024, 06:53 AM

Residents of Hadsel, Norway, are experiencing a significant increase in electricity rates following the shutdown of a local Bitcoin mining operation. The closure has led to a 25% spike in electricity rates, translating to an additional $300 per year for each household. The Bitcoin miner had been subsidizing 20% of the area's grid fees, and its absence has resulted in higher costs for residents. The municipality decided to close the mine, citing a preference for industries that create more value. This has resulted in a 20% electricity hike for the town.