Kosovo Banned BTC Mining Due To Energy Shortages

Kosovo banned BTC mining because of the energy shortages that promoted a state of emergency in the country as we are reading more today in our latest bitcoin news.

Kosovo declared a state of emergency to deal with the energy crisis in December and the government acted on the committee recommendation to prohibit mining. Kosovo banned BTC mining but also mining other cryptocurrencies. The minister of Economy Artan Rizvanolli warned that the law enforcement in the country could start identifying and cracking down on the mining operations.
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The minister is acting on a recommendation from the republic’s Technical Committee on Emergency Measures for Energy supply and a few government ministers also sit on the committee as do representatives from other government offices. Last month, the government of Kosovo declared a 60-day state of emergency in order to deal with the power shortages that were brought on with the harsh winter. Most of the country’s supply comes from coal-fired power plants and now its largest plan shut down because of technical issues back in December, forcing the country to import power. Neighboring Serbia however is also losing capacity because of weather issues and surging prices.

The state of emergency allowed the government to impose power cuts and to reallocate money for imports. With the people in the country relying on generators to deal with the power cuts, the government chose to cut out energy consumption that is deemed as non-essential. Crypto mining took off in Kosovo thanks to the cheapest electricity in the region but in July 2021 it accounted for 0.01% of the Bitcoin global hashrate according to the statistics from the University of Cambridge.

Kosovo is following a similar path to other countries that reduced electricity availability and rising hash rates. Kazakhstan took on much of the BTC hashrate from China after the country clamped down on mining and it responded to strains on the power grid by going after unregistered miners and introducing consumption caps. Iran as well spent too much of 2021 as it shifted between welcoming the industry and banning it to deal with the electricity shortages. It introduced a crypto mining ban until March 6 so that it could avoid shutting off the power in the winter.