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
Closing Bell: Saudi main index rises to close at 11,251
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81.
The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.
Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.
The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.
The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.
Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55.
Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56.
Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55.
On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year.
The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.
Multi Business Group Co. ended the session at SR9.90, down 1 percent.
Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs.
Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.
