Stock Groups

Kosovo Bans Cryptocurrency Mining Over Electricity Shortage -Breaking


Kosovo bans cryptocurrency mining over electricity shortage

Due to power outages, Kosovo banned the mining of cryptocurrency in its territory. the eastern European country has been in a state of emergency since December as cold weather affected the country’s power plants. As a result of the shortage, businesses and households have faced blackouts, and the government has had to import additional energy to meet the state’s needs.

Kosovo’s Minister of Economy, Artane Rizvanolli, wrote a Facebook (NASDAQ:) post addressing the problematic situation faced by the country. Rizvanolli claims that the ban on crypto mining in Kosovo will address both short- and long-term energy shortages.

The blackouts have given rise to country-wide protests and calls for Rizvanolli’s resignation.

There are many reasons why electricity prices rose across Europe, but Kosovo is the one that has suffered the most. The geopolitical dispute between Kosovo and Russia is one of the main reasons why electricity prices have soared. Russia is Europe’s largest gas supplier.

Flipside

  • Many have expressed concern that mining cryptocurrency takes a lot of electricity. This alone is a concern for the future development of crypto.
  • China, Iran, Sweden and Iceland are all known countries that have banned crypto mining. Norway may also consider banning the practice.

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just one click to unsubscribe.

Continue reading on DailyCoin

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, futures, indexes and Forex. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.