Crypto mining activities have continued to face increased regulatory risk. Authorities in Kosovo had confiscated more than 300 cryptocurrency mining machines. The move comes as the country seeks to enforce a ban on crypto mining.
The country’s Ministry of Energy and Economy noted that the confiscation of these devices would help in saving “tens of thousands of Euros per month.”
Kosovo enforcing its ban on crypto
Crypto mining activities are usually associated with high consumption of energy. Kosovo is among the countries in Europe that are dealing with an energy crisis due to increased demand for energy.
The sharp rise in demand for electricity has also led to increased costs. To ensure there are no blackouts during the winter months, the government imposed a blanket ban on cryptocurrency mining activities.
The ban was enforced a few days ago, and local law enforcement agencies are now eager to ensure its implementation. A recent announcement noted that local authorities have enforced their first seizure of cryptocurrency mining machines. The seizure was conducted in a joint operation between the Kosovo Police and Kosovo Customs.
Following this action, 272 “Antminer” Bitcoin mining machines were confiscated. The machines were confiscated from the municipality of Leposavic. An additional 39 mining devices were confiscated near Prishtina. Out of these, 35 were functioning.
Additional mining equipment was seized from a vehicle that was ferrying banned equipment. The vehicle driver had concealed six crypto mining devices and 42 graphics cards (GPUs).
The Minister for Economy and Energy in Kosovo, Artane Rizvanolli, noted that the confiscation of these devices would save on taxpayers’ money. She noted that the action would increase the energy needed by hundreds of families in Kosovo.
Increase in crypto mining causing an energy crisis
The issue of the intensive process of cryptocurrency mining has created discussions globally. Kosovo is not the only country failing to sustain mining activities. After China banned crypto mining, mining firms shifted to other countries, but some did not have enough energy to sustain mining activities.
Kazakhstan, which currently stands as the second-largest Bitcoin mining hub, has been facing an energy crisis. The country resulted in rationing power consumed by miners to ensure ample electricity for households during the winter months.
Iran also imposed a temporary ban on cryptocurrency mining. The country stated that the move was attributed to increased energy consumption during the winter months. Iranian police had confiscated 7000 Bitcoin mining rigs during the summer months after another temporary ban was imposed.
insidebitcoins
