Kosovo police and customs authorities have confiscated greater than 300 Bitcoin mining machines amid a crackdown on the energy-intensive crypto-mining trade.
“We can’t permit the unlawful enrichment of some, on the expense of taxpayers,” mentioned Finance Minister Hekuran Murati.
In line with Murati, it’s estimated that the vitality consumption of Bitcoin mining every month is equal to that of 500 houses, with a loss valued at round €60,000 to €120,000 Euros.
Final week, Kosovo — which imports greater than 40% of its vitality wants — banned crypto mining as a consequence of worsening vitality shortages. A particular parliamentary committee additionally proposed different measures to chop the vitality influence of Bitcoin mining.
In December, the nation declared a month-long state of emergency on account of the electrical energy disaster, however over the previous week, authorities in Kosovo have performed a number of raids and confiscated important Bitcoin mining gear throughout the nation’s north.
Bitcoin mining is taxing on vitality grids globally. Cointelegraph estimates that Bitcoin mining takes 101 TWh or extra of vitality per 12 months than all the financial system of the Philippines.
In Kazakhstan, for instance, crypto miners take as much as 8% of the nation’s whole energy technology capability. Throughout the current unrest, when web shutdowns blocked mining operations, the Central Asian nation’s hashrate plummeted by 18 p.c. Kazakhstan stays the world’s largest provider of Bitcoin’s hashrate after america.
In October, Kosovo submitted a draft regulation on cryptocurrency to the parliament, however it’s nonetheless awaiting adoption. At the moment, there isn’t any regulation in Kosovo prohibiting the minting of cryptocurrencies.