Main target for cryptocurrency mining
Last December, Kosovo announced the closure of its largest coal-fired power station due to technical problems. It’s a situation that contributes to the country’s reliance on burning lignite for electricity generation, sliding into energy shortages at a time when consumption is booming. To compensate for this, the country is forced to import 40% of the electricity consumed despite rising energy prices and decreasing supply from Russia. Therefore, the government of the country decided to take additional measures to fill this energy deficiency. In his gaze, cryptocurrencies are greedy for electricity.
As reported by Reuters, Kosovo is a prime destination for cryptocurrency enthusiasts, thanks to the low cost of electricity that allows them to make huge profits. One of these hobbyists interviewed by the newspaper said that he paid 170 euros a month to run 40 video cards and made a profit of 2,400 euros. It’s something that will change now.
Cryptocurrency mining is now banned
Since December, the country has declared a state of emergency to deal with famines. One measure is to ban cryptocurrency mining altogether, as well as imposing alternative two-hour cuts across the country to limit consumption said Energy Artane Rizvanolli, Minister of Economy and Finance.
Kosovo is not the only country concerned about Kosovo’s influence.
cryptocurrencies in energy consumption. Iran’s state-owned power utility rang the alarm bells in October, announcing that it feared legal and illegal power outages in the region this winter caused by the presence of cryptocurrency farms.