Kosovo Imposes Ban on Crypto Mining After Facing Electricity Crisis

Cryptocurrency miners in Kosovo are facing a brief ban on crypto mining in the government to curb electricity consumption because the country faces a serious energy crisis.

The nation has reported seeing the worst energy crisis inside a decade because of production outages.

“All police force agencies stop producing this activity in cooperation along with other relevant institutions which will find out the places where there’s cryptocurrency production,” Economy and Minister Artane Rizvanolli stated inside a statement.

Rizvanolli acted around the advice from the Technical Committee for Emergency Measures in Energy Supply on December 31, 2021, included in some relief measures.

Before the ban, the eastern European country saw an growing quantity of youthful individuals who got involved with crypto mining because of cheap power prices in the united states.

Regrettably, government bodies were forced recently introducing power cuts because of coal-fired power plant outages and import prices.

One miner, who spoke on condition of anonymity and also got 40 GPUs (Graphics Processing Units), told Reuters he was having to pay around 170 euros monthly for electricity and it is getting roughly 2,400 euros monthly in make money from mining.

Based on a study through the Gazeta Express, the federal government declared a condition of emergency in December, lasting for two months, letting it allocate more income for energy imports and introduce power cuts.

The nation of just one.8 million people has become importing greater than 40% of their consumed energy rich in demand throughout the winter.

The proceed to ban crypto mining is comparable to Iran’s measure on December 28. Iran announced that it’ll ban all crypto mining activities until March 6 in order to save power and steer clear of blackouts within the winter.

Based on a December 28, 2021, report by Blockchain.News. The Iran Grid Management Company, also referred to as the Tavanir, stop the ability supply to licensed cryptocurrency miners, a substantial step against its backing for that questionable adventure.

However, the motive behind this move is understandable as energy conservation amongst decreasing temperatures is really a main concern, local Iribnews reported citing Mostafa Rajabi Mashhadi, chairman from the board and md from the Tanavir.