Kosovo BTC Miners Sell Equipment, Causing Panic After Federal Ban

The Kosovo BTC miners sell their equipment after the country banned mining due to the spike in energy prices and blackouts as we reported recently in our latest Bitcoin news.

The country uses low-quality coal harvested in bigger quantities in Kosovo called “lignite” to fuel about 90% of the local energy. In doing so, the country reduced energy costs so it is the country with the lower energy consumption prices in the EU. Kosovo experienced a huge increase in the number of people mining BTC in the past years.

However, the country experienced some strong challenges because of the surge in fuel prices because of the insufficient natural gas in Europe and Kosovo’s huge thermal power plant collapse which factors brought to cases like power shortages and power outages. The Kosovo BTC miners started selling their equipment because the week turned out quite fruitful for the experts who were willing to risk and to come to terms with their mining machines. All around various social media platforms like Facebook and Telegram as well as other venues, thousands of people in Kosovo started posting in attempts to sell their mining machines at much lower prices.

CryptoKapo who is a crypto pundit and admin of the country’s biggest crypto communities commented on the matter. He explained that BTC miners in Kosovo are now in a panic state and are selling or moving out their BTC mining devices to their neighboring regions. It is worth noting that all panicking on social media occurred after the Kosovo governemnt placed a ban on every crypto mining. The government explained that mining was guzzling the energy and putting the Balkan state in the energy crisis.

BTC and other digital currencies use PoW methods so these involve computers solving complex puzzles using high power processors and in the process creating new tokens. After making or mining coins they got rewarded some tokens based on how much processing power they were offered. It is obvious that crypto assets are now being mined in Kosovo because of its cheap electricity but also because it is one of the poorest countries in the EU. Given that the country charges a huge energy cost and that BTC trades at $31,500 per coin, the country has a very vast amount of BTC mining activities.

In the Northern part of Kosovo which is the Serbian region and hosts the largest size of crypto mining. For most miners in Kosovo, the federal government had started a strict ban on mining to curb the spiking energy prices.

Source: https://www.dcforecasts.com/bitcoin-news/kosovo-btc-miners-sell-equipment-causing-panic-after-federal-ban/