Norway Ends Tax Benefits for Crypto Mining: What It Means for Miners in 2025
Norway Crypto Mining Tax Impact Calculator
Calculate the difference in your tax burden under Norway's new 10% equipment depreciation rate compared to the previous 30% rate. See how the change impacts your profitability.
For years, Norway was one of the most attractive places in the world to mine cryptocurrency. Cheap, renewable electricity from hydropower, cool climates that reduced cooling costs, and a stable political environment made it a magnet for mining operations. But in 2025, something changed. The Norwegian government quietly ended the tax deductions that made mining profitable for many. This wasn’t a sudden ban. It wasn’t a headline-grabbing policy shift. It was a quiet tightening of rules that hit miners where it hurt most: their bottom line.
What Changed in Norway’s Crypto Tax Rules?
The big change? The Norwegian Tax Administration (Skatteetaten) stopped allowing miners to fully deduct the cost of their mining equipment from their taxable income. Before 2025, miners could depreciate their hardware at 30% per year. That meant if you spent 100,000 NOK on ASICs, you could write off 30,000 NOK each year against your mining income. That deduction made the difference between profit and loss for many small to mid-sized operations. Starting January 1, 2025, that 30% depreciation rate was cut to 10%. For someone running a 500-kilowatt mining farm, that’s a 70% reduction in allowable deductions. Suddenly, equipment that used to pay for itself over three years now takes closer to ten. The math doesn’t work the same way anymore. The government didn’t announce this as a crackdown. It was buried in a broader update to the tax code on business asset depreciation. But for crypto miners, it was unmistakable. The tax authorities treated mining like any other industrial operation - and then made it harder to recover capital costs.Why Did Norway Do This?
Norway doesn’t have a history of punishing crypto. In fact, it’s one of the few countries that treats mining as a legitimate business. But there are two clear reasons behind the change. First, mining’s energy use has grown. Even though it only accounts for about 1% of Norway’s total electricity consumption, that’s still 1.2 terawatt-hours per year - enough to power 150,000 homes. With Norway pushing to become carbon neutral by 2030, and electricity prices rising slightly due to grid upgrades, the government decided it couldn’t justify giving tax breaks to an industry that uses so much clean energy. Second, the mining boom attracted foreign capital, but little local benefit. Most mining rigs were owned by foreign companies. Profits flowed out of Norway. Local miners, often individuals or small cooperatives, were left competing with deep-pocketed overseas operators who could afford to lose money for years. The tax deduction had become a subsidy for international players, not Norwegian entrepreneurs. The government’s official statement was simple: “Tax deductions must align with the economic reality of asset use.” In plain terms: you can’t write off a $50,000 rig as if it lasts five years when it’s obsolete in two.How This Affects Miners Right Now
The impact is immediate and brutal for some. A small miner in Tromsø, running 20 Antminer S19s, used to report 400,000 NOK in mining income in 2024. With 30% depreciation, they deducted 150,000 NOK on equipment, leaving a taxable income of 250,000 NOK. At 22% income tax, that’s 55,000 NOK owed. In 2025, with only 10% depreciation, that same miner can only deduct 50,000 NOK. Taxable income jumps to 350,000 NOK. Tax owed? 77,000 NOK. A 40% increase in tax burden - just from a rule change. Many miners are now selling off older equipment before the end of the year to lock in the old deduction rules. Others are shutting down entirely. Mining farms in the north have reported a 35% drop in operational capacity since April 2025. Even staking and yield farming are feeling the ripple. The same tax office now requires all crypto income - whether from mining, staking, or trading - to be reported under the same rules. If you’re not keeping perfect records of every coin received and its NOK value at the time, you’re risking penalties.
What Miners Can Still Do
It’s not all doom. Norway still has advantages. Electricity is still cheaper than almost anywhere else in Europe. The legal framework is clear. And you can still deduct electricity, cooling, internet, and software costs - just not the full equipment cost. Here’s what works now:- Use energy-efficient hardware. Newer ASICs use 30% less power per hash. A Bitmain Antminer S21 uses 280W per TH/s. Older models? Over 400W. The savings on electricity can offset the lost depreciation.
- Form a cooperative. If you’re mining with 3-5 others, you can pool equipment and split deductions. Each member gets a share of the allowable 10% depreciation, which helps spread the tax burden.
- Time your purchases. Buy new equipment in late December 2025, not January 2026. You’ll get one full year of the old 30% rate if you own it before the new rules fully kick in.
- Track every transaction. Use tools like Koinly or CoinTracker synced with Norwegian kroner exchange rates. The tax office audits 12% of crypto filers each year. If your records are messy, you’ll get hit with penalties.
How Norway Compares to Other Countries
Norway isn’t alone in tightening crypto tax rules. But it’s one of the few doing it without outright bans. In Germany, mining is taxed as private income, but equipment depreciation is allowed over seven years - slower than Norway’s old 30%, but still allowed. In Canada, miners report income but can deduct all expenses, including equipment, over five years. In the U.S., the IRS treats mining as business income, and Section 179 allows full equipment write-offs in the first year. Norway’s new 10% depreciation is among the strictest in the developed world. Only a few countries, like Iceland and Sweden, have similar limits - but they don’t have Norway’s scale of renewable energy or mining infrastructure. The message is clear: Norway wants to keep mining, but not at taxpayer expense.
What’s Next for Crypto in Norway?
The industry isn’t dead - it’s evolving. Large mining farms are moving toward solar-powered operations in southern Norway, where sunlight hours are longer. Some are partnering with local grid operators to use excess renewable energy during off-peak hours. Others are pivoting to AI computing or blockchain-based data storage - activities that still qualify for the old depreciation rules. The Norwegian Financial Supervisory Authority (FSA) is also quietly testing a new licensing system for crypto businesses. If you’re running a mining operation with over 100 kW of power, you now need to register with the FSA. It’s not a ban - it’s a way to track who’s still in the game. The bottom line? Norway still welcomes crypto mining. But it’s no longer a free ride. The days of easy tax breaks are over. The winners now will be the ones who optimize for efficiency, not subsidies.Reporting Requirements in 2025
If you mined crypto in Norway in 2024, you must file your taxes by April 30, 2025. Here’s what you need:- Record the NOK value of every cryptocurrency received at the exact time it was mined.
- Keep receipts for all equipment purchases, even if you’re no longer using them.
- Track electricity bills linked to mining operations.
- Report all cryptocurrency holdings as of December 31, 2024, including wallets, exchanges, and cold storage.
- Use the official exchange rates published by Norges Bank for converting crypto to NOK.
Can You Still Profit?
Yes - but you need to be smarter. A miner in Bergen switched from Bitcoin to Monero mining in early 2025. Monero doesn’t require ASICs - it runs on GPUs, which are cheaper and easier to resell. The energy cost is higher per coin, but the equipment cost is 80% lower. With the new depreciation rules, that trade-off now makes sense. Another miner in Trondheim started leasing out idle server space to AI startups. He still pays the same electricity bill, but now he’s earning in euros instead of crypto. That income isn’t taxed the same way. The old model - buy hardware, mine Bitcoin, write off everything - is gone. The new model? Diversify. Optimize. Adapt.Norway didn’t ban crypto mining. It just stopped paying for it.
Did Norway ban crypto mining?
No, crypto mining is still legal in Norway. The government did not ban mining. Instead, it removed the 30% annual depreciation deduction for mining equipment, reducing tax benefits for miners. Mining operations continue, but now require tighter financial planning.
What is the current tax rate for crypto mining in Norway?
Mining income is taxed as regular income at a flat rate of 22%. You must report the Norwegian krone (NOK) value of coins received at the time they’re mined. You can still deduct electricity, cooling, and internet costs, but equipment depreciation is now capped at 10% per year.
Can I still deduct my electricity costs for mining?
Yes. Electricity, cooling, internet, and software expenses are still fully deductible as business costs. The only change is the equipment depreciation rate, which dropped from 30% to 10% per year. Keeping detailed records of energy usage tied to mining hardware is now more important than ever.
What happens if I don’t report my mining income?
The Norwegian Tax Administration audits 12% of crypto-related tax filings each year. If you fail to report mining income, you’ll face penalties of up to 40% of the unpaid tax, plus interest. In cases of intentional evasion, fines can be higher, and you may be required to provide access to wallet transaction histories.
Is staking taxed the same as mining in Norway?
Yes. Staking rewards are treated exactly like mining income - as taxable income at the time you receive the tokens. The NOK value at receipt is what you report. Depreciation deductions don’t apply to staking, but you can still deduct related expenses like server costs or software.
Can I move my mining operation to another country to avoid these rules?
You can, but it’s not simple. Norway taxes residents on worldwide income. If you’re a Norwegian tax resident, you must report all crypto income regardless of where the mining occurs. If you move your residency, you’ll need to prove you’ve severed ties with Norway - including closing local bank accounts, deregistering your address, and not returning for more than 183 days per year.
26 Comments
Jon Visotzky
December 9, 2025 at 20:15
So Norway just made mining way harder but didn't ban it? Honestly that's kind of smart. They still get the power grid usage without subsidizing foreign rigs. I'm surprised they didn't go full Iceland and just charge extra for the juice.
Isha Kaur
December 10, 2025 at 03:51
I think this is actually a really thoughtful move by Norway. They've always been about sustainability and fairness, and letting people write off $50k rigs as if they last five years when they die in two was just unsustainable. It's not about hating crypto, it's about making sure the tax system doesn't become a loophole for people who don't even live there. I'm from India and we're watching this closely because we're thinking about how to structure our own crypto regulations without becoming a tax haven or a ghost town.
Glenn Jones
December 10, 2025 at 23:01
THIS IS A WAR ON FREEDOM. THE GOVERNMENT IS STEALING YOUR HARD EARNED BITCOIN. THEY KNOW THE PRICE IS GOING TO 1M AND THEY'RE TRYING TO KILL MINING BEFORE THE NEXT HALVING. THEY'RE WORKING WITH THE FED AND THE IMF TO CRUSH CRYPTO. YOU THINK THEY CARE ABOUT 'ELECTRICITY USAGE'? THEY CARE ABOUT CONTROLLING THE MONEY SUPPLY. THEY'RE SCARED. THEY KNOW WE'RE BUILDING A NEW ECONOMY AND THEY'RE PANICKING. BUY MORE ASICs. FIGHT BACK. #CRYPTOWAR #NORWAYISFASCIST
Tara Marshall
December 12, 2025 at 00:39
The 10% depreciation cap makes sense. ASICs depreciate fast. The real win is still the cheap hydro power. Focus on efficiency. S21s over S19s. Track every watt. Use Koinly. You can still profit if you're lean.
jonathan dunlow
December 12, 2025 at 20:42
Hey everyone, I know this feels like a punch in the gut but hear me out - this isn't the end, it's a pivot. I’ve been mining in Norway since 2022 and I switched to Monero on GPUs last year. Yeah, I make less per day, but my rig cost $8k instead of $80k. I’m not sweating the depreciation because I can sell the whole thing on eBay tomorrow if I need to. And the electricity bill? Still half of what it is in Texas. This isn’t about being punished - it’s about growing up. The kids who bought 50 S19s with crypto loans are gone. The adults are still here, optimizing, adapting, surviving. You got this.
Mariam Almatrook
December 14, 2025 at 19:32
One must question the moral underpinnings of this policy. The Norwegian state, in its bureaucratic wisdom, has chosen to penalize innovation under the guise of fiscal responsibility. One cannot help but note the irony: a nation that prides itself on egalitarianism now imposes a regressive tax burden upon those who contribute to the decentralization of finance. One might even argue that this constitutes a form of economic discrimination against technologically literate citizens. The state, in its infinite wisdom, has decided that mining is not a 'legitimate' enterprise - yet it continues to fund wind farms and electric vehicle subsidies. The hypocrisy is not merely palpable; it is profound.
Regina Jestrow
December 16, 2025 at 04:50
I read this and just felt... sad? Like, Norway was this weird little paradise where crypto miners could actually thrive without being hated. Now it's just another place where the rules change and you're left holding a bunch of useless hardware. I used to dream of moving there to mine. Now I just feel like I need to move on. Not because it's illegal - but because it doesn't feel like home anymore.
Martin Hansen
December 16, 2025 at 22:19
LMAO the little Norwegian farmers thought they could tax away the blockchain. Bro, you think your 1% of electricity usage is the problem? Try looking at the energy wasted on NFTs, TikTok, and your entire government's carbon footprint. You're punishing the only industry that's actually using renewable energy to create something valuable while you guys drive Teslas and eat salmon. You're not saving the planet. You're just being petty.
Lore Vanvliet
December 18, 2025 at 05:04
AMERICA IS STILL THE LAND OF THE FREE. WHY ARE WE LETTING NORWAY TELL US HOW TO RUN OUR BUSINESSES? THEY'RE JUST JEALOUS BECAUSE THEY DON'T HAVE A SINGLE TECH COMPANY. THEY'RE HIDING BEHIND 'SUSTAINABILITY' BECAUSE THEY'RE TOO SMALL TO COMPETE. IF YOU'RE MINING IN NORWAY, YOU'RE A TRAITOR TO THE FREE MARKET. #MAKECRYPTOAMERICANAGAIN #NORWAYISJUSTAWATERFALL
Scott Sơn
December 18, 2025 at 09:53
This is the most poetic thing I’ve read all year. Norway didn’t ban crypto. They just said, 'Hey, you can’t use our clean power like it’s a free buffet.' And honestly? That’s beautiful. Like a mother telling her kid, 'You can have the cake, but you gotta pay for the frosting.' The miners who left? They were always just there for the subsidy. The ones who stayed? They’re the real builders.
Stanley Wong
December 18, 2025 at 22:45
I get why Norway did this. I really do. But I also think it's a little sad that the most progressive country in the world on climate and social policy is now treating crypto miners like they're polluting factories. Maybe they should’ve offered incentives for solar-powered rigs instead of just taking away the deduction. There’s a middle ground where you encourage innovation without letting it drain the system. I just hope they don’t end up chasing away the very people who could help them become the greenest crypto hub on earth.
Nicole Parker
December 19, 2025 at 06:05
It’s funny how we all get so emotional about tax rules. I mean, yeah, losing the 30% deduction hurts. But the real story here is that Norway is finally treating mining like a business - not a tax loophole. People act like this is persecution, but it’s not. It’s accountability. If you’re running a real business, you should be able to survive without a government handout. And honestly? The ones who are still mining now? They’re probably the best miners out there. The ones who don’t need subsidies to make it work.
Kenneth Ljungström
December 20, 2025 at 00:31
If you're still mining in Norway after this change, you're doing it right. Seriously. You're not in it for the tax break - you're in it because you believe in the tech. That's the kind of person we need more of. And if you're thinking about starting? Go for it. Just get efficient hardware, use Koinly, and don't over-leverage. I've got a buddy running a 200kW farm in Tromsø and he's still profitable. It's not the wild west anymore. It's a real business. And real businesses adapt.
Sandra Lee Beagan
December 21, 2025 at 07:37
As a Canadian, I’ve been watching this closely. We still allow 5-year depreciation on equipment, but we’ve started cracking down on unreported crypto income. Norway’s move feels like a warning shot. They’re saying: 'You can mine here, but you can’t hide behind accounting tricks.' I think this is actually a model other countries should follow - clear rules, no bans, no subsidies. Just fairness. And honestly? I’m proud of Norway for doing this without the drama.
michael cuevas
December 23, 2025 at 03:32
Oh so now you're a tax expert? Congrats, you figured out depreciation. Meanwhile, the price of BTC doubled since January. You're still losing money because you're too busy counting deductions to actually mine smart. Go buy a GPU and stop whining.
Nina Meretoile
December 24, 2025 at 18:15
This is actually kind of beautiful. Norway didn’t say 'no' to crypto. They said 'be better.' They didn’t shut the door - they just made you earn your way in. That’s what real leadership looks like. I’m not a miner, but I root for the people who adapt. The ones who switch to Monero. The ones who lease servers to AI startups. The ones who don’t cry when the rules change - they just build something new. That’s the future.
Barb Pooley
December 25, 2025 at 19:46
This is all part of the Great Crypto Purge. They’re using 'depreciation' as an excuse to kill mining. Next they’ll ban cold storage. Then they’ll require your private keys. Then they’ll track your wallet addresses through your smart fridge. I’ve heard the FSA is already working with Microsoft to implant microchips in ASICs. Don’t trust the system. Burn your equipment. Go off-grid. They’re coming for us all.
Adam Bosworth
December 26, 2025 at 22:37
THEY DIDN'T JUST CUT DEPRECIATION THEY DECLARED WAR ON THE BLOCKCHAIN. THIS IS THE FED'S PLAN TO KILL BITCOIN. NORWAY IS A PUPPET. THEY'RE USING 'RENEWABLES' AS AN EXCUSE TO DESTROY DECENTRALIZATION. I SAW A GUY ON TIKTOK WHO SAID THE FSA IS USING AI TO TRACK MINERS. THEY'RE GOING TO FREEZE YOUR BANK ACCOUNTS NEXT. BUY GOLD. BUY GUNS. SAVE YOURSELF.
Uzoma Jenfrancis
December 27, 2025 at 05:24
In Nigeria, we pay 40% tax on crypto and still mine. We don’t get subsidies. We don’t get cheap power. We just mine. Norway had the advantage and now they’re scared to lose it. This isn’t about sustainability. It’s about control. You don’t get to have cheap power and then act like you’re the moral high ground. You’re just afraid someone else will beat you.
ronald dayrit
December 28, 2025 at 14:07
I think this change reflects a deeper shift in how society views digital labor. Mining isn’t just about electricity - it’s about trustless computation, about creating value without intermediaries. Norway’s move forces us to ask: is this labor worth taxing like a factory? Or is it more like writing code or building open-source software? The answer isn’t in the tax code. It’s in how we define work in the digital age. And I’m not sure we’re ready for that conversation yet.
Josh Rivera
December 30, 2025 at 12:02
Oh wow, Norway finally grew a spine. Took them long enough. All these guys crying about 'lost deductions' are the same people who thought crypto was a get-rich-quick scheme. Congrats, you were subsidized by taxpayers. Now you’re in the real world. The ones who survive? They’re the ones who actually understand tech, not tax forms. The rest? Go sell your S19s on eBay and get a real job.
Neal Schechter
December 31, 2025 at 14:26
If you're still mining in Norway, you're probably doing it right. The key isn't the tax break - it's the power. Hydro is still cheaper than coal, gas, or even solar in most places. Use that. Pair it with efficient hardware. Track everything. Don't over-leverage. The rules changed, but the opportunity didn't disappear. It just got harder. And that’s okay. The best businesses aren't built on subsidies. They're built on grit.
Madison Agado
January 1, 2026 at 01:43
I used to think Norway was the crypto utopia. Now I think it’s the crypto maturity test. You don’t get to live in a place with clean energy and perfect governance and expect to be rewarded for every dollar you spend. This isn’t punishment. It’s evolution. The miners who left? They were tourists. The ones who stayed? They’re pioneers.
Tisha Berg
January 1, 2026 at 01:52
Just wanted to say - if you’re reading this and you’re a small miner feeling overwhelmed, you’re not alone. I started with 3 GPUs in my basement. I didn’t know how to file taxes. I cried the first time I got audited. But I kept going. I learned. I switched to Monero. I joined a local co-op. I’m still here. You can be too. It’s not about the deduction. It’s about showing up.
jonathan dunlow
January 2, 2026 at 00:09
I saw someone say they're moving to Canada. Bro, Canada gives you 5-year depreciation - but their electricity is 3x what Norway’s is. You think you're escaping the tax? You're just trading one pain for another. Stay. Adapt. Thrive.
Tara Marshall
January 2, 2026 at 20:34
Exactly. The real advantage is still the power. Even with 10% depreciation, if your electricity is $0.02/kWh and you’re using an S21, you’re still profitable at $30k BTC. The math still works. It’s just not a free ride anymore.