2021-5-28 13:55 |
In a bid to cut down on power consumption, Iran’s government has banned the mining of Bitcoin and other cryptocurrencies until the nation’s power issue is resolved.
On Wednesday, the country’s president Hassan Rouhani stated that there have been energy-intensity blackouts in some Iranian cities. As a result, the government is taking steps to manage the existing power supply it has and decided to stop Bitcoin mining for the moment.
Ban will stay in place until September 22Officials are blaming a prolonged drought and natural gas shortage for the power cut. According to the announcement, the ban is commencing immediately and will stay in place until September 22, when situations are expected to improve.
For the past few months, several large cities in Iran, including capital Tehran, have faced multiple daily power outages. The officials also blamed part of the power shortage on increasing Bitcoin mining.
Additionally, government officials say most of the Bitcoin mining operations in the country are coming from those without a license or from illegal miners.
As a result, the government has launched a campaign against illegal Bitcoin miners. It has also temporarily stopped legal Bitcoin miners as power consumption increases.
Power shortage has affected medical facilitiesThe power consumption in the country has also increased as the temperature gets hot and more people to stay at home due to the COVID-19 stay-at-home order.
The power shortage has also affected medical facilities, with some of them struggling to operate their cold storage facilities required to store the COVID-19 vaccines. Earlier in January, about 50,000 Bitcoin mining machines were confiscated by Iranian police. According to the police, the miners were using subsidized electricity illegally.
The state-subsidized rates were meant for some sectors with low energy consumption rates. But the miners had been consuming 95 megawatts per hour at the same subsidized rate.
The post Iran bans crypto mining – a long period of inactivity ahead for miners appeared first on Invezz.
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