• Regulators in Kosovo created an anti-cryptocurrency law on January 4.
• Cryptocurrency market recovers from its bearish streak despite restrictions in Europe.
Crypto mining has reached several countries in Europe, including Kosovo, a small territory on the Balkan Peninsula in the southwest of the European continent. However, tough times are ahead for Bitcoin mining farms as regulators seek to ban their operations.
The cryptocurrency market gains power in a certain way with mining, but each country’s regulators have attacked these operations because they consume a lot of energy. Kosovo joins the list of European countries to stop these mining farms.
Countries in Europe unite to ban crypto-mining
After China banned cryptocurrencies and crypto-mining in February 2021, many companies migrated to Europe. The European continent offered crypto-mining farms the possibility of operating without restrictions, but everything has changed in less than a year. According to reports, several countries in Europe united to prohibit crypto-mining operations, including Kosovo, which announced an anti-crypto law last January 4, 2022.
Crypto regulation comes to the country because it is going through a serious power failure due to work. In past seasons, the country in Europe experienced internal energy problems, but with the presence of mining farms, the problem doubled.
Artane Rizvanolli, minister of the economic area in Kosovo, shows the energy measure as something to import, considering that the country does not have a standardized payment system for electricity and no anti-crypto regulatory law.
Regulators in Kosovo seize crypto-mining processors
Kosovo not only launched an anti-cryptocurrency ad but has also tried to comply with the law from the moment it went into effect. Today, January 12, 2022, the police authority in the country showed its greatest apprehension, where they managed to collect about 400 crypto-mining processors from a farm that worked outdoors.
On January 6, the law enforcement agency also said it seized a crypto-mining machine in South Mitrovica. Eventually, on January 8, some 270 crypto machines that would pass through the dispatch port in Leposavic were successfully seized.
Regulators in Kosovo have been busy seizing the largest number of crypto machines operating illegally. According to reports, each machine could consume the same energy as a house, affecting the electricity sector if used in mass.
Indirectly, the crypto ban in Kosovo affects the decentralized market that has shown recovery rates after lasting almost three months with a bearish streak. Bitcoin, the most mined in crypto-mining in Kosovo, trades at $43,711 today, with a rise of 2.37 percent of its price in the last 24 hours. But Ethereum as an alternate token for crypto-mining reaches $3,370 with a peak of 4.70 percent on the last day.