August 16, 2022

Kosovo Confiscates 100+ of ASICs Following the Ban on BTC Mining

Based on a police statement made on Saturday, Kosovo  seized 272 distinct ASICs utilized for BTC mining.

Seizure of Cryptocurrency Mining Equipment by Kosovo Police on January 6th, 2022

Kosovo Police confiscated seventy units of cryptocurrency-mining machinery in two searches in Mitrovica South and Podujeve municipalities, after the state’s announcement of a cryptocurrency-mining prohibition last week.

Sixty-seven cryptocurrency-producing devices were taken during the initial activity, which took place in Mitrovica South. Police claimed they discovered the spot in a home where detectives discovered a suspect involved with criminal activities. 3 units of cryptocurrency-mining machinery were confiscated in the 2nd incident close to Podujeve.

According to one police media statement, we have contacted Customs officials and would take future measures in collaboration with them.  There weren’t any charges announced in either scenario. The government’s move to restrict cryptocurrency-mining last week, alleging power issues in a nation experiencing an electricity problem, had raised legal problems.

When declaring the banning on crypto-mining, Economy Minister Artane Rizvanolli referred to exceptional procedures for power defense federally mandated on the 24th December, which included “restricting the power supplies for a total of sixty-days. Based on the severe power shortage, the authorities began implementing electricity cuts on December 22nd.

However Arber Jashari, a Kosovo-based law scholar, told BIRN that there isn’t sufficient a lawful foundation for the restriction of crypto-mining, given that no separate legislation covers this problem. Kosovo stated during October 2021 that it had prepared a crypto-legislation that the government was anticipated to approve before 2021 ends.

Ferat Shala, the parliament’s Economic Committee’s chairman was quoted as claiming that many cryptocurrency-related activities were filed in Kosovo’s northern Serb-controlled areas.  The situation in the northern region, as well as the related power prices, prompted the panel to speed up the writing of a bill to govern the industry. 

The benefit is that every player in this industry would be aware that we’re operating and watching them, and that they’d be liable to relevant legislation at some time. BIRN recently revealed on the way Serb-majority northern Kosovo was renting out cellars, lofts, sheds, and sometimes entire buildings for cryptocurrency-mining, owing to the fact that northern Kosovo have not yet made payment for power, which has been a critical element of cryptocurrency-mining, for the past twenty-two years.

According to a regional cryptocurrency-miner’s comment to Reuters, he was spending roughly 170 euros monthly for power, and making approximately 2.4K euros monthly in revenue from crypto-mining.

Total Cryptocurrency Mining Equipment Confiscated Since the Ban in Kosovo

Following Kosovo ban, the activity has led to the prosecution of one person who was convicted of mining. The officials confiscated machinery utilizing a similar amount of charge as five-hundred homes.

Based on a terrible energy shortage that the partly acknowledged country endured this winter, Kosovo placed a total ban on bitcoin-mining last week. It was enforced on the basis of detailed panel suggestions.

At the beginning of this week, there were a few lesser confiscations. Crypto-mining occurs majorly in Kosovo’s northern districts, where Serbians make up the bulk of the population. In 2008, Kosovo officially proclaimed freedom from Serbia.

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