Cryptocurrency News

Cryptocurrency mining was banned in Iran due to blackouts and power shortages – bitcoin news

Iranian President Hassan Rouhani has announced that cryptocurrency mining in Iran has been immediately banned. The ban, which will last until September 22, has been imposed in many cities of the country due to a large power blackout.

  • Iran has immediately banned cryptocurrency mining, President Hassan Rouhani said in a televised speech at a cabinet meeting on Wednesday. The media quoted him as saying:

The ban on mining of cryptocurrencies is effective immediately until 22 September.

  • Many cities in Iran are facing major power blackouts and the government has blamed power cuts on cryptocurrency mining, droughts and rising power demand in summer. Recent bitcoin news Reported That Iran would shut down licensed crypto miners at peak hours of electricity consumption.
  • Blockchain analytics firm Elliptic estimates that about 4.5% of all bitcoin mining takes place in Iran. The firm said that the income from mining is Permission “The country earns tens of millions of dollars in curbing trade restrictions and in cryptocurrency that can be used to buy imports and bypass restrictions.”
  • Government officials say most of the energy consumption from bitcoin mining comes from illegal miners working without licenses. In January, the Iranian police Confiscated 45,000 bitcoin mining machines that were illegally using subsidized electricity. President Hassan Rouhani said on Wednesday:

About 85% of current mining in Iran is unlicensed.

What do you think about Iran banning cryptocurrency mining in the summer? Let us know in the comments section below.

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