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

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