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Kosovo bans mining of cryptocurrency


Kosovo has developed into an Eldorado for producers of crypto currencies. The whole country is now feeling the effects of the high energy demand. Now the government wants to pull the plug.

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Bitcoin coins: high energy consumption


Jens Kalaene / DPA

The government of Kosovo has banned the mining of crypto money with reference to the scarce energy reserves 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. Electricity is also used there. The country currently imports more than 40 percent of its energy, around 90 percent of domestic production is based on lignite. Last month the government introduced power cuts.

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, which, however, costs a lot of energy.

One involved 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 2400 euros during this time.

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

mik / Reuters

Source: spiegel

All business articles on 2022-01-05

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