Cryptocurrency

Moldova bans crypto mining amid energy crisis

Zegex

Moldova bans imports of cryptocurrency mining activities and equipment over growing energy crisis, EPrimeFeed report October 26th.

According to the report, Moldova’s Commission for Emergency Situations (CES) decided to adopt the measure in view of the energy crisis that has engulfed the region. Moldova’s President Maia Sandu has reportedly ordered government agencies to conserve electricity and assess the impact of soaring energy costs on citizens.

In addition to banning cryptocurrency mining activities, authorities have also introduced other power saving measures, such as stopping escalators during designated hours and turning off fountains, advertisements, decorations and architectural lighting.

Moldova is currently facing energy shortages as it cannot continue to export 30% of the electricity Ukraine needs. Separately, Russia-owned Gazprom has informed the European country that its gas flows will be further cut, as well as its electricity supply from Transnistria.

EU official Said:

โ€œWe are working with the energy community to enable Moldova to import gas and electricity from alternative sources outside Transnistria. But the challenge is not only access to supply, but also financing.โ€

Meanwhile, several European countries have been forced to ban cryptocurrency mining due to concerns about high energy consumption. Earlier this year, Sweden insisted on banning bitcoin mining because of its proof-of-work mechanism.

The European Central Bank has also hinted at the possibility of banning bitcoin mining due to environmental concerns.

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