Kosovo bans mining cryptocurrency

The government of Kosovo has banned the mining of crypto money with reference to the energy crisis in the country. Economy and Energy Minister Artane Rizvanolli said on Tuesday that the authorities would find out where cyber currencies are being produced and then access them. Failures in coal-fired power plants and high import prices have plunged Kosovo into its worst energy crisis in a decade. In the country in the Western Balkans, electricity is also used for heating.

Currently more than 40 percent of the energy is imported there, around 90 percent of the domestic production is based on lignite. The government introduced power cuts last month.

In recent years, electricity prices in Kosovo have been comparatively low, which has led to a boom in crypto mining. New digital coins are generated by computer, often accompanied by high energy consumption. A participant told the Reuters news agency that he was paying around 170 euros per month for electricity in Kosovo and that he was making a profit of around 2,400 euros for this period.

Prospecting has also increased in northern Kosovo. Many Serbs live there who do not recognize Kosovo as a state and refuse to pay their electricity bills. Prospecting has also increased in northern Kosovo. Many Serbs live there who do not recognize Kosovo as a state and refuse to pay their electricity bills.

By Editor

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