Kosovo stops cryptocurrency mining amid vitality disaster

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The government of Kosovo decided to suspend crypto mining activities in the country as part of measures to deal with the electricity shortage this winter. The move was proposed by a special parliamentary committee tasked with bridging the gap between electricity demand and supply.

Kosovo authorities forbid crypto mining to save energy

The executive in Pristina has stopped the energy-intensive minting of digital coins in Kosovo, a partially recognized republic in south-eastern Europe. The country faces a power shortage in the cold winter months, local media reported.

Kosovar Economy Minister Artane Rizvanolli announced on Tuesday that crypto mining operations would be suspended. According to the statement quoted by Gazeta Express, the decision was made on the recommendation of the specialist committee “Emergency measures for the energy supply” set up by the legislature.

The restrictions were agreed in the Kosovo parliament last week, DTT Net reported. Kosovo has experienced power outages in the cold winter months due to increased electricity demands and authorities are trying to find solutions that will mitigate the energy crisis.

Minister Rizvanolli added that Kosovo law enforcement agencies will join efforts to locate crypto mining facilities and stop mining of digital currencies. “These measures aim to address a potential unexpected or long-term shortage of electricity generation, transmission or distribution capacity in order to overcome the energy crisis without further burdening the citizens of the Republic of Kosovo,” she said.

To cope with the electricity deficit, the government declared a 60-day state of emergency in December, which allows it to provide funds for energy imports and to impose power outages. Most of Kosovo’s energy needs are met by its coal-fired power plants.

In winter, however, demand exceeds supply and Kosovo Energy Distribution Systems is forced to import to compensate for the bottlenecks. At the same time, according to Gazeta Express, the global energy crisis has led to an enormous increase in electricity prices on the international market.

In Kosovo, mining has grown in popularity with crypto prices, especially in its predominantly Serbian northern part, where consumers in several communities have not paid for electricity for over 20 years. Earlier this year, Balkan Insight reported that the Albania-controlled government in Pristina had ordered the country’s public utilities to pay those bills for an additional six months while authorities look for a permanent solution.

Tags in this story

Prohibition, bills, consumer, consumption, crypto, crypto farms, crypto mining, crypto currencies, crypto currency, crypto currency mining, deficit, electricity, energy, government, Kosovo, measure, mining, mining facilities, parliament, electricity, Pristina, restrictions, bottlenecks

Do you think Kosovo will allow crypto miners to resume operations once it has overcome its power shortage problems? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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