Iran halts crypto mining after recurrent blackouts

Iran has temporarily banned the mining of cryptocurrency after recurrent blackouts in some of its major cities.

President Hassan Rouhani announced that the restriction will be in place until September 22nd.

Iran is not new to electricity blackouts, the latest is reportedly caused by the dry season. 

As the country’s hydroelectric power plants are unable to generate enough electricity.

Iran is looking to cut their excesses, starting with cryptocurrency miners.

There are reports of various illegal mining activities going on in the country.

Iran runs a mining system that allows individuals to mine Bitcoin as long as they are registered with the Government.

These miners are expected to pay extra electricity levies.

But despite the Government’s support for cryptocurrency mining, there are reports of various illegal miners operating in the country.

Illegal miners consume around 2,000MW daily, more than triple of the 300MW used by the state-owned grid operator.

President Hassan Rouhani reiterated that the ban is to curb the activities of illegal miners.

Licensed miners had already shut down their operations.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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