After the outages, Kosovo prohibits crypto-min. According to the country’s administration, cryptocurrency mining has been banned. In order to minimize the country’s reliance on electricity. Which is being pressured by an energy crisis that has been aggravated. By rising worldwide energy prices.
Security agencies will detect cryptocurrency mining enterprises, according to the government. And take appropriate measures against them, according to the government. –
This substantial amount of energy is expended during the process of mining. Which consists in confirming digital transactions in order to get bitcoin as a reward. The process also takes a significant amount of time to complete.
A shortage of sufficient electricity in the country has resulted in rolling blackouts. Which contrasts with the rest of Europe, where electricity prices have increased significantly.
The state’s largest coal-fired power plant was forced to shut down last month. Due to a technical difficulty, resulting in the state. Being obliged to import electricity from other nations at a high cost.
Because of the declaration of a 60-day state of emergency in December. The government has been able to provide additional funding for energy imports. While simultaneously putting stricter restrictions on electricity consumption. Than had previously been possible.
The demonstrations against the blackouts drew several thousand people to the streets. And calls for the resignation of Economy Minister Artane Rizvanolli. Who has so far refused to step down, heard.
Oil and natural gas prices are skyrocketing across Europe as a result of the Covid-19 outbreak. Which can attributed to a range of factors, including limited Russian supplies. And rising demand for natural gas. As economies begin to recover from the pandemic.
Tensions with Russia have fueled the rise after the Outages
As a result of geopolitical tensions with Russia, which supplies one-third. Of Europe’s natural gas, the price of natural gas has increased. Meanwhile, tensions over the situation in eastern Ukraine are increasing. Russia has dismissed European charges. That it is restricting natural gas deliveries.
Kosovo has struck more severely than other countries as a result of the energy crisis. Kosovo’s government announced last month. That the country imports 40 percent of the energy it consumes.
Ms Rizvanolli announced on Tuesday that the administration. Has decided to prohibit so-called cryptocurrency mining. In order to ameliorate the effects of the global energy crisis.
Mining cryptocurrencies such as Bitcoin entails connecting computers. Usually specialized “mining machines” – to the currency network on the internet. Which is where the cryptocurrency stored.
Mining machine owners compensate with newly created currency. In exchange for contributing processing power for verifying transactions. On that network, making it a potentially lucrative endeavor.
Although it does not require much computational power. It does take a lot of electricity to run at high speeds.
A few years ago, Kosovo was home to one of Europe’s most affordable electricity tariffs. Crypto mining grew increasingly popular among young people in Kosovo. As a result of this climate.
In Kosovo’s northern regions, where ethnic Serbs do not recognize the country’s independence. And do not pay their electricity bills. This practice is particularly widespread.
Other countries, such as China and Iran, have taken action. Against cryptocurrency mining because they are concerned. About the environmental impact of the industry. Iran announced a four-month embargo on electricity generation last year. Due to the fact that it was draining more than 2GW from the grid each day.