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Another country has just outlawed cryptocurrency mining
Less than a year after China announced its decision to crack down on cryptocurrency mining – not to mention Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia, as well as a de facto disruption in Kazakhstan as authorities shut down the entire internet – another country has followed suit in an effort to alleviate soaring energy prices and blackouts.
Kosovo, located in south-eastern Europe, announced this week that it would also ban mining after spending the previous 60 days in a government state of emergency due to an ongoing energy crisis.
The BBC reported power outages and protests after the country's largest coal-fired power plant shut down last month, owing to the government's high-priced imports of electricity. Authorities stated that the country imports roughly 40% of its energy, prompting Economy Minister Artane Rizvanolli to announce the crypto ban in an effort to relieve the pressure.
"The Kosovo police have organised an action to discover and confiscate equipment for a minimum of crypto-currencies," said Interior Minister Xhelal Svecla on Facebook yesterday. "272 of these items were seized, and one person was arrested." All of the action took place and ended without incident.
Bitcoin mining already consumed more energy than 159 countries combined in 2017. Since then, the situation has deteriorated gradually, and there has been little progress in developing environmentally friendly cryptocurrencies. Indeed, some mining operations have allegedly turned entire lakes into hot tubs as a result of the heat and energy pumped by a nearby mining rig.
In short, the Kosovo ban makes sense, and the government doesn't appear to be slowing down seizures anytime soon.
"Such actions will continue until the decision of the Parliament and the government of the Republic is fully implemented," Svecla said in a statement.
Will the cryptocurrency ban actually help to alleviate the energy crisis? It's complicated, as the BBC reports, because geopolitical tensions with Russia and Ukraine are also playing a role in the crisis, but it's a step in the right direction for consumers and the environment.
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By Crypto PiratesLess than a year after China announced its decision to crack down on cryptocurrency mining – not to mention Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia, as well as a de facto disruption in Kazakhstan as authorities shut down the entire internet – another country has followed suit in an effort to alleviate soaring energy prices and blackouts.
Kosovo, located in south-eastern Europe, announced this week that it would also ban mining after spending the previous 60 days in a government state of emergency due to an ongoing energy crisis.
The BBC reported power outages and protests after the country's largest coal-fired power plant shut down last month, owing to the government's high-priced imports of electricity. Authorities stated that the country imports roughly 40% of its energy, prompting Economy Minister Artane Rizvanolli to announce the crypto ban in an effort to relieve the pressure.
"The Kosovo police have organised an action to discover and confiscate equipment for a minimum of crypto-currencies," said Interior Minister Xhelal Svecla on Facebook yesterday. "272 of these items were seized, and one person was arrested." All of the action took place and ended without incident.
Bitcoin mining already consumed more energy than 159 countries combined in 2017. Since then, the situation has deteriorated gradually, and there has been little progress in developing environmentally friendly cryptocurrencies. Indeed, some mining operations have allegedly turned entire lakes into hot tubs as a result of the heat and energy pumped by a nearby mining rig.
In short, the Kosovo ban makes sense, and the government doesn't appear to be slowing down seizures anytime soon.
"Such actions will continue until the decision of the Parliament and the government of the Republic is fully implemented," Svecla said in a statement.
Will the cryptocurrency ban actually help to alleviate the energy crisis? It's complicated, as the BBC reports, because geopolitical tensions with Russia and Ukraine are also playing a role in the crisis, but it's a step in the right direction for consumers and the environment.
Support us!