Regulators in Iran have closed down more illegal crypto mining farms in an effort to reduce the burden on the country’s overstretched power plants.
So far, Iran has shut 5,380 illegal crypto mining facilities and more could follow in the coming days.
The harsh weather condition has resulted in a significant increase in the use of air conditioners, causing a rise in electricity demand.
There’s a looming risk of a total blackout if Tavanir fails to find a lasting solution to the power supply shortage problems.
Iran’s Crypto Mining Journey
Iran approved and issued crypto mining licenses as far back as 2019 but earlier in May, a provisional ban was imposed on the industry to cope with the power shortage. Then in August, the Middle East nation said the embargo would be lifted for certified miners.
According to reports, Iran are 25,0000 megawatts short of its expected power production supply, the aim is to reduce the deficit to the barest minimum which is the major reason behind the closure of the illegal crypto mining farms.