Cryptocurrency is going through difficult times. This applies to both Bitcoin and other tokens. 2022 started with plummeting the exchange rate of all coins against the background of events in Kazakhstan and action by the US Federal Reserve… Some countries have started to ban cryptocurrency mining due to a sharp jump in electricity consumption.

In 2021, China completely banned the mining of digital coins, in connection with which miners went to other countries. In particular, to Georgia, Kosovo, Iran, some EU countries and the already mentioned Kazakhstan. But there they were overtaken by problems.

Cryptocurrency mining led to blackouts, which the local authorities firmly decided to fight with. For example, the government of Kosovo, where low electricity tariffs led digital coin seekers, decided not to raise prices for miners. This is due to the fact that the vast majority use illegal connections and do not pay for electricity. In this regard, the authorities simply banned the mining of cryptocurrency in the country from December 31, 2021.

Iran in the summer of 2021 temporarily banned the mining of cryptocurrency due to overloading of power plants. Until the end of last month, a 4-month moratorium on the production of BTC was in force in the capital, but then the authorities introduced new restrictions.

Even Iceland began to suffer from power outages despite cheap geothermal energy. This is due to the fact that miners there have major competitors in the face of data centers and aluminum producers. For this reason, Iceland has not supplied electricity to new mining companies since December 7 of last year.

Mining was banned in Abkhazia, where electricity consumption increased by 20% in 2020. More than 600 mining farms functioned in the region with a population of 250,000. The police almost break into people’s houses, tk. many residents of the region mine cryptocurrency right in the kitchen.

In the near future, Sweden may ban the mining of digital currencies. The country’s authorities have sent letters to the regulatory authorities. Moreover, the Swedes want to achieve a ban on the mining of cryptocurrency in all countries of the European Union.

Finally, the fate of mining is called into question even in the United States. So far, it hasn’t come to bans, but power grids in Texas and Kentucky have already demonstrated their inability to provide power to everyone during peak loads.

A source: Fortune

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