The Kosovar government suspends cryptocurrency mining in the face of a power shortage
Kosovo’s Minister of Economy has decided to restrict cryptocurrency mining, after a proposal by the Technical Committee on Emergency Measures for Energy Supply.
Kosovo’s government has suspended cryptocurrency mining in the nation due to electricity shortages during the winter season.
Kosovo’s Economy Minister, Artane Rizvanolli, has decided to halt crypto mining in response to a request from the Technical Committee on Emergency Measures for Energy Supply, according to local news source Gazeta Express.
The study says that the decision was taken when Kosovo’s power supply dropped below the allowed level and the government started imposing energy restrictions during high consumption hours.
Rizvanolli said that the administration established a technical group to assess emergency energy supply alternatives in response to the issue. The government agreed last week to take immediate steps, including suspending crypto mining within Kosovo’s borders, in response to the committee’s recommendations.
According to the report, law enforcement authorities are preparing to intervene to prevent the manufacture of cryptocurrency and to identify the sites of such activities. According to the minister:
“These activities are intended to resolve any unforeseen or long-term shortages of power generation, transmission, or distribution capacity in order to alleviate the energy crisis without further burdening the Republic of Kosovo’s inhabitants.”
As a result of poor local output and high energy import rates, Kosovo’s energy distribution company KEDS declared nationwide power disruptions on Dec. 22. Bitcoin mining is well-known to take a significant amount of energy, with one recent research estimating that Bitcoin consumes eight times the energy consumed by Google and Facebook combined.
Several governments, notably Iran and Kazakhstan, have voiced alarm in recent months about mining-related power disruptions.
Meanwhile, after the surrender of Chinese miners in response to the country’s September crypto ban, retail cryptocurrency mining looks to be thriving in Thailand. According to Cointelegraph, Thai entrepreneurs and cryptocurrency businesses have benefited from Chinese miners’ decision to sell their mining equipment.