Kosovo banned crypto mining altogether in the entire country, which, in turn, seized hundreds of mining rigs in southeastern Europe country.
LONDON, ENGLAND - MAY 30: In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England. Bitcoin is a decentralised digital currency, which has been in use since 2009.
Kosovo Bans Crypto Mining
The latest move of Kosovo to crackdown on crypto mining adds to the list of countries that have been banning it already. It includes countries like China, Egypt, Iraq, Qatar, and Kazakhstan, as well as other locations, such as Morocco, Algeria, and Tunisia.
This time around, Kosovo went on to ban crypto mining in its jurisdiction following the raging energy crisis in the country, as per the report by Futurism.
It is worth mentioning that the government of the European country has previously declared a state of emergency due to its problem with energy due to the shutdown of its coal power plant in December.
The country is now experiencing blackouts throughout its territory. As such, there have been various protests from its citizens, denouncing the move by Kosovo to import electricity due to its alleged high prices.
That said, the European nation decided to completely ditch crypto mining with the ongoing energy problems that the country is currently facing.
Hundreds of Crypto Mining Rigs Seized
Meanwhile, according to the news story by WCCFTech, Kosovo authorities have already seized hundreds of machines that are being used to mine cryptocurrencies as part of its ongoing crackdown.
A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow.
Aside from the seized mining rigs, the authorities of the country arrested a single individual for mining crypto.
The law enforcement of Kosovo relieved in a statement that the crackdown has already successfully taken more than 300 crypto mining devices in the country.
On top of that, the government authorities in the capital of Kosovo, Pristina, have already halted all of its crypto mining operations amidst the ongoing power crisis in the country.
Read Also: Alleged Crypto Mining Farm Catches Fire In Thailand--High Energy Requirements To Blame?
Kosovo Crypto Ban and Power Crisis
The Finance Minister of Kosovo also released a statement on Facebook following the crypto ban in the country, noting that the power consumption of crypto mining could instead power hundreds of homes in the European nation.
To be more precise, the Kosovo Finance Minister further shared his estimation, which showed that the monthly energy consumption of crypto miners is equal to the power needs of about 500 homes.
Crypto Mining vs. Energy
As mentioned earlier, it is not the first time that a country has completely bid farewell to crypto mining. It comes as the said activity is notably energy-hogging.
In fact, Futurism noted in the same report that Bitcoin mining back in 2017 already accounted for the energy consumption of 159 countries combined.
Related Article: Tesla Model 3 as a Crypto Mining Machine? But, This Can Void Your Car Warranty
This article is owned by Tech Times
Written by Teejay Boris
