Iran Bans Cryptocurrency Mining

Iran Bans Cryptocurrency Mining

Iran has banned the mining of cryptocurrencies after a series of blackouts across major cities, Bloomberg has reported.

Iran Bans Cryptocurrency Mining

Iran has banned the mining of cryptocurrencies after a series of blackouts across major cities, Bloomberg has reported.

Iran Bans Cryptocurrency Mining

The ban was announced on State TV on Wednesday and it is effective immediately, until September 22. This ban is amidst a growing unease over cryptos energy usage.

The ban follows a regional ban placed on Bitcoin by China. Iranian officials are blaming a surge in mining for blackouts in their cities.

The Iranian government has been cracking down on the 85% of mining that is unlicensed. Subsidised power prices allow miners to run the complex computers that compete to solve mathematical problems and receive Bitcoin as a reward.

The University of Cambridge estimates Iran was home to 3.4% of Bitcoin mining in the first four months of 2020, putting it in sixth place globally.

Iran has 50 licensed mining centers, which are spread across 14 31 provinces and consume a combined 209 megawatts of electricity, grid operator Tavanir said in a statement on Wednesday, according to the semi-official Tasnim news agency.

Leave a Reply

Your email address will not be published.