Cryptocurrency News

Bitcoin mining banned in Iran until September

Recent action on bitcoin (B T c) And crypto mining in Iran have reached a new dimension as the government has banned activity over the summer.

according to a Report good By Bloomberg, President Hassan Rouhani announced a complete ban on bitcoin mining in the country in an address on state television on Wednesday.

The nationwide prohibition reportedly will last until September as the government is keen to ensure access to electricity for domestic consumption during the hot summer months, a historically extreme period for electricity demand.

As part of his address, President Rouhani alleged that most of the crypto mining activity in Iran – up to 85% – was unlicensed. Actually, Cointegraph recently reported a crackdown By officials on miners using electricity for domestic consumption.

Iran started the process Nationalization of your crypto mining sector Back in 2020 after months of dealing with illegal crypto mining activities. Back in January 2020, the country released about 1,000 licenses for cryptocurrency mining in country.

Earlier in May, Iranian intelligence reports on the discovery surfaced Illegal large-scale crypto mining operations in country.

Crypto miners have been linked to widespread blackouts in Iran. Back in april, Chinese investors restart country’s largest bitcoin mining facility After being shut down for four months amid complaints that the farm was consuming a large portion of the local electricity supply.

Apart from power supply disruptions, there has also been a boom in crypto mining activity in IranAgreement with the country’s deteriorating air quality.

President Rouhani’s ban may dent the estimates of Bitcoin Mining Provides $ 1 Billion Annual Revenue For rule in Tehran. Many have seen Iran’s crypto adoption campaign as a means of circumventing the economic sanctions imposed by the United States.

Iran’s Crypto Mining Crackdown Rapidly Comes on the Heels of Report Comprehensive cryptocurrency mining prohibition in China. Meanwhile, miners in North America are reportedly looking for ways to move more Environmentally friendly operation.