Panic as Kosovo pulls plug on its energy-guzzling bitcoin miners

Speculators rush to sell off their kit as Balkan state announces a crypto clampdown to ease an electricity crisis.

For Bitcoin enthusiasts in Kosovo with a breezy attitude to risk, it has been a good week to strike a deal on computer equipment that can create, or “mine”, the cryptocurrency.

From Facebook to Telegram, new posts in the region’s online crypto groups became dominated by dismayed Kosovans attempting to sell off their mining equipment – often at knockdown prices.

“There’s a lot of panics and they’re selling it or trying to move it to neighboring countries,” said cryptoKapo, a crypto investor and administrator of some of the region’s largest online crypto communities.

The frenetic social media action follows an end-of-year announcement by Kosovo’s government of an immediate, albeit temporary, ban on all crypto mining activity as part of emergency measures to ease a crippling energy crisis.

Autor: The Guardian