As of late, the Serbian government has been quite supportive of Bitcoin and blockchain technology. They have even set up a working group in order to explore the potential of these technologies within the country. For further information click here.
One area that is particularly interesting is the progress of Bitcoin mining in Serbia. Due to the low cost of electricity, Serbia has become an attractive destination for miners. In fact, there are now several large-scale mining operations taking place in the country.
This is having a positive impact on the Serbian economy, as it is providing employment opportunities and bringing in foreign investment. It will be interesting to see how this develops in the future and whether other countries follow suit.
As of May 2019, Serbia’s National Bank has not issued any regulations on Bitcoin mining, making it one of the few remaining countries in Europe where cryptocurrency activities are still unregulated. However, this may soon change as the government is currently in the process of drafting a new law that will regulate all aspects of the digital economy, including cryptocurrencies.
Bitcoin -A Thriving Industry in Serbia
In the meantime, Bitcoin mining continues to be a thriving industry in Serbia. According to a recent report by the Serbian Chamber of Commerce, there are currently over 200 companies engaged in cryptocurrency mining in the country. This represents a significant increase from just a few years ago when there were only a handful of miners operating in Serbia.
The majority of Bitcoin mining companies in Serbia are located in the city of Belgrade. However, there are also a number of smaller operations spread out across the country. The total amount of electricity consumed by all of Serbia’s Bitcoin miners is estimated to be around 200 megawatts, which equals about 0.1% of the country’s total power consumption.
With a population of just over 7 million people, Serbia is not a large country. However, it has a very young and tech-savvy population that is very open to new technologies and trends. This makes it an ideal place for Bitcoin mining companies to set up operations.
The Serbian government has so far been supportive of the cryptocurrency industry. In 2017, the country’s prime minister, Ana Brnabic, announced that she was “a big fan of Bitcoin.” Since then, the government has taken steps to make it easier for cryptocurrency companies to do business in Serbia.
For example, the country’s tax authority has recently clarified that Bitcoin mining activities are not subject to value-added tax (VAT). This is a major relief for miners as it means they will not have to pay any taxes on their profits.
Initiatives of Serbia’s Government for Bitcoin
The Serbian government is also working on creating a friendly environment for blockchain and cryptocurrency startups. In 2018, the country’s parliament passed a law that provides legal certainty for blockchain-based businesses.
All of these factors have helped make Serbia one of the most attractive countries in Europe for Bitcoin mining. With a supportive government and a favorable regulatory environment, it is likely that the country will continue to attract more miners in the years to come.
In the past year, Bitcoin mining has made significant progress in Serbia. The country now has two large cryptocurrency miners and a number of smaller ones. These mines have brought much-needed investment and jobs to the Serbian economy.
The first large mine was opened in early 2017 by the Chinese company Bitmain. Bitmain is the world’s largest manufacturer of Bitcoin mining hardware. The mine is located in the town of Kladovo, near the Romanian border. Bitmain invested $12 million in the mine, and it currently employs around 200 people.
The second large mine was opened in late 2017 by an American company called Genesis Mining. Genesis is one of the world’s largest cryptocurrency miners. The Mine is located in the city of Novi Sad, in northern Serbia. Genesis has invested $5 million in the mine, and it currently employs around 100 people.
In addition to these two large mines, there are a number of smaller cryptocurrency mines operating in Serbia. These mines have brought much-needed investment and jobs to rural areas of the country.
Conclusion
The development of Bitcoin mining in Serbia is a positive sign for the country’s economy. The mines have brought much-needed investment and jobs to areas that desperately need them. With continued growth, Bitcoin mining could play a significant role in helping to revitalize Serbia’s economy.
