Kosovo's federal government on Tuesday presented a restriction on cryptocurrency miningKosovo's government on Tuesday introduced a ban on cryptocurrency mining in an attempt to curb electrical energy intake as the country deals with the worst energy crisis in a years due to production outages.
All law enforcement agencies will stop the production of this activity in cooperation with other pertinent organizations that will recognize the areas where there is cryptocurrency production, Economy and Energy Minister Artane Rizvanolli stated in a statement.Due to low-cost power rates in Kosovo over the last few years, numerous youths in Kosovo have actually got involved in crypto mining.Faced with coal-fired power plant blackouts and high import prices authorities were forced last month to present power cuts.European gas rates skyrocketed more than 30 per cent on Tuesday after low supplies from Russia reignited concerns about an energy crunch as chillier weather condition approaches.In December, Kosovo stated a state of emergency for 60 days which will enable the government to allocate more money to energy imports, introduce more power cuts and harsher measures.One miner, who spoke on condition of privacy and who has 40 GPUs (Graphics Processing Systems), told Reuters he was paying around 170 euros monthly for electrical energy and is getting around 2,400 euros each month in profit from mining.Coin mining has been on the increase in northern Kosovo, mostly occupied by Serbs who do not recognise the state of Kosovo and refuse to pay electricity.The nation of 1.8 million people is now importing more than 40% of its consumed energy with high demand throughout the winter when people use electricity primarily for heating.Around 90% percent of energy production in Kosovo is from lignite, a soft coal that produces harmful pollution when burnt.Official figures show Kosovo has the world's fifth biggest lignite reserves of 12-14 billion tonnes.