Kosovo also prohibits the mining of cryptocurrencies, and Bitcoin accelerates its fall
The cryptocurrencies They are going through a rough patch, and the bad news keeps happening.
The ban in china It was a hard blow from which they recovered, but then restrictions have followed in other countries, Internet outage in Kazakhstan, one of the countries with the most miners, or the possible rise in interest rates in United States.
The latest disaster comes from Kosovo, where they have declared a 60-day emergency due to lack of electricity, and They have banned cryptocurrency mining. It is also one of the countries with the most miners.
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Kosovo is one of the poorest countries in Europe, and it has a series of peculiarities that make it a paradise to mine cryptocurrencies.
Has the cheapest electricity in Europe, because they obtain it by burning their immense reserves of lignite, a type of coal. And many of its inhabitants do not pay it, for them the light is free.
Kosovo gained independence from Serbia in 2008, but the Serb majority living in the north of the country does not accept independence, and they do not pay electricity, as explained The Guardian, via Business Insider.
It is precisely there, in places where they do not pay for electricity, where they have installed thousands of cryptocurrency miners with mining farms made up of thousands of graphics cards, with zero electricity cost.
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But in 2021 Kosovo is going through an energy crisis, and all eyes have been on those cryptocurrency miners who consume non-stop, and pay absolutely nothing.
It is one thing to turn a blind eye to people who do not want to pay for electricity at home or in their business, and quite another with those who enrich themselves in an unregulated activity, with excessive free consumption, or at a very low price.
One of the farms confiscated in Kosovo after the ban had a monthly consumption equivalent to that of 500 homes. And there are thousands of them spread across the country.
According to a study carried out by the University of Cambridge, it is estimated that global bitcoin mining consumes 131 terawatt hours annually.
This places it above what is consumed by countries such as Norway (122.2 TWh); Argentina (121 TWh), the Netherlands (108.8 TWh) and even the United Arab Emirates (113.20 TWh).
And then there is the contamination: a Bitcoin transaction emits as much CO2 as a home in 3 weeks, according the central bank of the netherlands.
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the news of the ban on cryptocurrency mining in Kosovo It has not sat well with Bitcoin, which has accelerated its fall in recent weeks.
The today’s price of Bitcoin It’s in $42,051, far from the 70,000 dollars that touched in November. Only today he has lost more than 1,000 dollars.
It is the same with the rest of cryptocurrencies: the Ethereum ok today $3,202, far from the almost 5,000 dollars it reached in December.
Is Bitcoin reaching the dreaded death cross? It is likely, but it has happened before, and surely it will recover.
Is a way too lucrative and speculative to earn money effortlesslyAnd that’s not going to go away easily. Energy waste and pollution is the least of it, if you can become a millionaire without lifting a finger.
Reference-computerhoy.com-996777