Kosovo Bitcoin Miners Are Selling Mining Equipment Following A Federal Ban.
Kosovo, a country in Europe, has banned cryptocurrency and Bitcoin mining owing to rising energy prices and disruptions. Miners in the nation have begun selling off their mining equipment as a result of the crackdown on Bitcoin mining.
Over 90% of the country’s energy is supplied by low-quality coal extracted in enormous amounts in Kosovo, known as “Lignite.”
As a result, the country’s energy bills are reduced. As a result, it is the EU country with the lowest energy consumption prices. As a result, the number of people mining BTC in Kosovo has increased dramatically in recent years.
However, the nation has recently faced considerable issues as a result of rising fuel prices caused by a lack of natural gas in Europe and the collapse of Kosovo’s largest thermal power plant. These variables resulted in situations such as power outages and shortages.
The week has been profitable for Bitcoin specialists who are ready to take a risk and work with Bitcoin mining devices in the Balkan State. Thousands of Kosovans have began posting on different social media platforms such as Telegram and Facebook, as well as other well-known locations, in an attempt to sell off their mining machines at reduced costs.
CryptoKapo, a crypto pundit and administrator of some of the country’s most important crypto forums, weighed in on the situation. He said that BTC miners in Kosovo are presently panicking and selling or relocating their Bitcoin mining equipment to nearby locations.
It’s worth noting that all of the panicked social media protests took place after the Kosovan government imposed an immediate, if temporary, ban on all bitcoin mining. The administration said that crypto mining was consuming the country’s electricity and causing an energy crisis in the Balkan state.
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