Although it is no longer a completely new problem, cryptocurrencies still raise doubts and problems. In this sense, Iran has banned, with immediate effects, the use of energy in mining, driven by the country’s peak electricity demand.
The announcement was made, today, by President Hassan Rouhani, on the state channel.
Iran suspends cryptocurrency mining
Iranian President Hassan Rouhani announced, through the state TV channel, to stop the exploitation of encrypted mines, with immediate effect, until September 22.
What's more, the president stated that 85% of exploration operations are unlicensed, so authorities will remain, as they have been doing, to locate illegal miners. The state has even chosen to employ spies to counter unauthorized mining.
according to Bloomberg, The measure that Iran has put in place now, which will run until September, is intended to help prevent Frequent power outages In large cities, which could disrupt the lives of many businesses and companies, in response to the high demand for electricity in the country.
After all, according to a Reuters report, the state-owned electricity company revealed it, only a mining Digital currenciesYou need 600 megawatts of electricity.
Activity generates millions for the country
Cryptocurrency miners have settled in Iran, most of them are from China. This is due to the government energy subsidy. That is, cheap electricity allows mining at a lower cost.
According to Bloomberg, Iran's announcement could force legal miners to join illegal miners so they don't stop their operations. In fact, as the Reuters report itself shows, around 4.5% of bitcoin is mined in Iran, which, according to an elliptical study, represents gains in the hundreds of millions of dollars.
Remember that a few weeks ago, Bill Gates revealed Don't be a fan of Bitcoin for the amount of electricity it entails.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
