Bitcoin Mining In Iran Starts After A Three-Month Ban

Date:

Iran had imposed a strict three-month ban on bitcoin mining earlier this year in May. While Iran has a semi-regulated Bitcoin mining industry, they were concerned about the power consumption that drives this multi-million dollar enterprise. 

After complaints of excessive stressing of the electricity grids which would only get worse in the summer months,  President Hassan Rouhani on May 26th, 2021 had imposed a temporary ban on cryptocurrency mining. The move was to mitigate the demand for electricity that shoots up during the summer months in an already hot and dry country. 

It was a preemptive measure to make sure the country’s power supply lines don’t get stressed further and collapse. Typically Iran suffers from power outages in the summer months. However, now the ban on Bitcoin mining has been lifted

Iran has become a hub of Bitcoin mining. After China’s crackdown on mining activities, Iran has been one of the preferred destinations of bitcoin miners. However, the global Bitcoin mining share is not that impressive – only about 4.5%to 7% of the world’s cryptocurrency mining is supported by miners in Iran. 

Iran has also issued licenses for carrying out crypto mining activities, but illegal mining activities have been rampant. Often there are reports of illegal mining activities running under the nose of the authorities.

While the government has a fairly liberal approach to cryptocurrency mining, the opposition and environmentalists have been lashing out at miners and demanding that these activities be banned. 

Mike Litvinov
Mike Litvinov
Mike is our project manager who ensures everything is up to date on crypto update without fail every single day and every single time. He believes if he had not gotten into the analytics and management he would have had his ice-cream parlour where he would sell all flavours butterscotch at discounts higher than most token pre-sales can offer.

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Polygon’s Major Transition: MATIC to POL Token

Polygon, a prominent blockchain platform, has announced its plans...

Big for Ripple’s Price: This XRP Metric Hits a 3-Month High

Key Points XRP’s value soared by 40% in a week,...

Bitcoin Prices Soar Following Attempt on Trump’s Life

Bitcoin Surges Amid Political Turmoil The recent assassination attempt on...

Say Goodbye to Bitcoin Under $60,000 Forever: Samson Mow Doubles Down on Forecast

Bitcoin Close to Regaining $63,000 Over the weekend, the world’s...