$ 53,162
$ 4,663.4
$ 1.000

Iran temporarily bans mining cryptocurrencies and sets a date for his return naturally


After the Chinese State Council proposed to ban Bitcoin mining in China, and many major mining companies in China began to move and search for places to receive them with their equipment to continue their work.

A new report has surfaced that the Iranian government has temporarily banned Bitcoin mining.

The Bitcoin mining process was blamed for the power outage, as the Iranian government declared war on the illegal Bitcoin miners.

Iran temporarily bans cryptocurrency mining:

According to a Bloomberg report , the Iranian government has imposed a ban on all cryptocurrency mining endeavors until September 22nd.

The ban takes effect immediately and comes before the season for the country’s highest energy consumption.

These are the most stringent measures by the Iranian government to curb cryptocurrency mining, which has risen in popularity amid the rapid growth of bitcoin and other digital currencies’ prices.

For months, officials in Iran claimed that the electricity network failed to maintain its levels, especially in light of the demand of a large number of Iranians in the bitcoin mining activity, which led to many blackouts.

Somewhat predictably, the government has blamed cryptocurrency mining.

Although Iran previously confirmed that some of its mining operations will be legalized, about 85% of these activities are still unlicensed.

Authorities have taken another step recently by sending spies to locate miners and prevent them from using household electricity.

According to the University of Cambridge mining map, Iran is responsible for roughly 4% of the bitcoin hash rate.

This is the second similar news to come out of Asia in recent weeks.

As we mentioned earlier that China, the leading country in terms of Bitcoin mining, is planning to launch an anti-mining campaign nationwide.

Iran’s decision did not affect the price of Bitcoin, which remains above $ 39,000.

In contrast, when China took its latest move, Bitcoin slumped by several thousand dollars in a matter of hours.

Related Posts