Altcoin News

Unemployment and cheap electricity turn Kosovars to cryptocurrency.

Unemployment and poverty levels are on the rise all over the world but for Kosovars, it’s time they took power into their own hands and venture into digital currency mining. Apart from poverty, availability of cheap electricity was a major factor in turning Kosovars to cryptocurrency.

Kosovo being one of the poorest country in Europe, an uncommon way to earn a living had to be explored. According to Ermal Sadiku, a crypto expert and software developer, “Kosovars find cryptocurrencies an alluring investment. Secondly, there was a lot of dirty money around – and cryptocurrency investment was a fast way to get rid of it”

For Kosovars, even if the price of bitcoin has massively dropped from its last year’s high, it is still profitable when mined considering that the electricity rates in the country are relatively low.

Even with cheap electricity, Kosovars will have to get past the initial investment phase which requires strong machines with huge computing power.

Since electricity rates are the major concerns for any cryptocurrency miner,  Kosovo occupies the 3rd spot in the list of countries with the cheapest electricity in Europe.  Currently, one kilowatt-hour costs $8 cents with Britain charging $19. “At that price, it costs just over $3,000 in electricity to mine one bitcoin, about half the currency’s current market value.” Noted Reuters.

According to Reuters:

“Coin mining is especially popular in northern Kosovo, mostly populated by Serbs who do not recognize Kosovo’s authorities and refuse to pay for power at all. Jovan Arsic, a computer science student who has been mining since 2015, has rigs there. He said he knew of at least three large “mining farms” in the Serb-populated areas”

A bitcoin miner in Kosovo noted that a cryptocurrency mining rig housing 100 GPU’s is capable of raking in 2,700 euros in a month with roughly 900 euros spent on electricity.

As poverty turns Kosovars to cryptocurrency, do you think cryptocurrency mining will still be unprofitable if the current dip in cryptocurrency prices continues for far too long?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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