Kosovo bans cryptocurrency mining to save electricity

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Kosovo’s authorities on Tuesday launched a ban on cryptocurrency mining in an try to curb electricity consumption because the nation faces the worst power disaster in a decade due to manufacturing outages.

“All law enforcement agencies will stop the production of this activity in cooperation with other relevant institutions that will identify the locations where there is cryptocurrency production,” Economy and Energy Minister Artane Rizvanolli mentioned in a press release.

Due to low-cost energy costs in Kosovo lately, many younger individuals in Kosovo have gotten concerned in crypto mining for such forex as bitcoin.

Faced with coal-fired energy plant outages and excessive import costs, authorities had been pressured final month to introduce energy cuts.

European fuel costs soared greater than 30% on Tuesday after low provides from Russia reignited issues about an power crunch as colder climate approaches.

In December, Kosovo declared a state of emergency for 60 days, which can permit the federal government to allocate extra money to power imports, introduce extra energy cuts and harsher measures.

Much of Kosovo, together with the town of Prizen, depends on coal for heating.
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One miner, who spoke on situation of anonymity and who has 40 GPUs (Graphics Processing Units), informed Reuters he was paying round 170 euros monthly for electricity and is getting round 2,400 euros monthly in revenue from mining.

Coin mining has been on the rise in northern Kosovo, principally populated by Serbs who don’t recognise the state of Kosovo and refuse to pay electricity.

The nation of 1.8 million individuals is now importing greater than 40% of its consumed power with excessive demand throughout the winter when individuals use electricity primarily for heating.

Around 90% p.c of power manufacturing in Kosovo is from lignite, a soft coal that produces toxic pollution when burnt.

Official figures present Kosovo has the world’s fifth largest lignite reserves of 12-14 billion tonnes.

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