The spike in energy prices and blackouts in Kosovo, one of Europe’s poorest countries, has led the government to ban Bitcoin mining, with many “miners” now selling their equipment or trying to relocate. abroad, as reported by Bloomberg.
The small Balkan country is the latest to adopt strict anti-mining measures due to high energy prices. Kazakhstan, which had become a popular destination for “miners” leaving China, adopted similar measures at the end of 2021.
Kosovo authorities confiscated 429 devices for mining cryptocurrencies in the first days of January, according to the Gazetta Express, Bloomberg reports. This move follows the blackouts in the country due to high energy prices and after the unexpected closure of a power plant last month.
Ardian Alaj, co-owner of a crypto exchange in the capital Pristina, told Bloomberg that he had heard of many examples of people who sold or tried to sell their equipment after the ban was imposed. There are also a few cases of people going to neighboring countries, he said.
“The mining took place in Kosovo because it could have been done illegally,” Alaj said. It was also a cheap activity: the northern area of Mitrovica, a popular crypto mining center, is one of the Serb-majority areas of the country and excludes citizens from electricity bills. “Moving your business abroad will create additional costs, something that local miners are not used to,” says Alaj.
Source From: Capital