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Crypto Miners in Iran to Confront Blackout as Mining Becomes Unprofitable

Iran’s Official authorities have recently announced that crypto miners operating in the country have access to the electricity cut off by June 22th.

According to one of the reports from the Tehran Times, the decision is purely for the government to ensure there is enough energy supply for the citizenry.

A spokesman for the Iranian Energy Ministry, Mostafa Rajabi Mashhadi, said that the Asian country is anticipating a higher energy consumption rate from next week. Week.

Further, he revealed that the country had recorded a record consumption of 62,500 MW during the peak period last week.

This has forced the government into action to avoid a blackout.

Why is Iran Crypto Miners Backing Out?

Per Tehran Times, since Iran approved crypto mining as an industrial activity, the government has issued over 1,000 crypto mining licenses to several companies.

Apart from licensed operators, the country also has numerous unauthorized crypto miners. These miners are placing more pressure on the national grid. Further, the government has tried to crack down on these players at different times without much success.

Teh value of crypto continues to tumble to new lows, crypto miners are beginning to discover. They are discovering the cost of mining these assets is becoming unprofitable.

According to data from CryptoRank, the drop in Bitcoin price has significantly made mining unprofitable. Per the data, the average mining cost and Bitcoin price are now at par. 

This data is actually by June 17. This was when Bitcoin was trading above $20,000. 

Since then, its price briefly fell below $18,000, meaning that mining the flagship asset would be more unprofitable.

Read More: Crypto News: Will the crypto market go back up?


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