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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.
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