PRISTINA: Kosovo’s government on Tuesday introduced a ban on cryptocurrency mining in an attempt to curb electricity consumption as the country faces the worst energy crisis in a decade due to production outages.
“All law enforcement agencies will stop the production of this activity in cooperation with other relevant institutions that will identify the locations where there is cryptocurrency production,” Economy and Energy Minister Artane Rizvanolli said in a statement.
Due to cheap power prices in Kosovo in recent years, many young people in Kosovo have got involved in crypto mining.
Faced with coal-fired power plant outages and high import prices authorities were forced last month to introduce power cuts.
European gas prices soared more than 30 percent on Tuesday after low supplies from Russia reignited concerns about an energy crunch as colder weather approaches.
In December, Kosovo declared a state of emergency for 60 days which will allow the government to allocate more money to energy imports, introduce more power cuts and harsher measures.
One miner, who spoke on condition of anonymity and who has 40 GPUs (Graphics Processing Units), told Reuters he was paying around 170 euros per month for electricity and is getting around 2,400 euros per month in profit from mining.
Coin mining has been on the rise in northern Kosovo, mostly populated by Serbs who do not recognize the state of Kosovo and refuse to pay electricity.
The country of 1.8 million people is now importing more than 40 percent of its consumed energy with high demand during the winter when people use electricity mainly for heating.
Around 90 percent percent of energy production in Kosovo is from lignite, a soft coal that produces toxic pollution when burnt.
Official figures show Kosovo has the world’s fifth largest lignite reserves of 12-14 billion tons.
Kosovo bans cryptocurrency mining to save electricity
https://arab.news/n59vv
Kosovo bans cryptocurrency mining to save electricity
- European gas prices soared more than 30 percent on Tuesday after low supplies from Russia reignited concerns about an energy crunch as colder weather approaches
Saudi POS transactions see 20% surge to hit $4bn: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).
According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.
Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million.
Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.
Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million.
Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.
Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.
Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.
In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
