Previously, due to the need to maintain a stable power supply for other users, Iran decided to shut down cryptocurrency mines during peak power consumption. However, this temporary ban will be lifted on September 22.
According to Bitcoin .com news that Iran generation, distribution and transmission companies Tavanir pointed out that monetary mining encryption temporary ban will be lifted on September 22. Tavanir spokesperson Mostafa Rajabi Mashhadi said that electricity consumption throughout Iran is expected to drop before the end of summer. He pointed out that the reduction in electricity demand when the temperature starts to drop will create conditions for the restart of legal digital currency miners.
It is understood that Iran recognized cryptocurrency mining as a legal industrial activity in July 2019, and mining companies must obtain permission from the Ministry of Industry. However, in order to cope with the power shortage this summer, Iran has taken turns to cut off power in many places. The then President of Iran, Hassan Rouhani, also announced in May this year temporary restrictive measures for cryptocurrency mining, that is, Iran will shut down cryptocurrency mines during peak electricity consumption.
According to estimates by blockchain analysis company Elliptic, Iran’s annual Bitcoin mining revenue may be as high as $1 billion. Although the mining industry has brought huge revenue to Iran, due to the surge in electricity consumption for cryptocurrency mining in the country and the country’s current reduction in hydroelectric power generation, Iran is facing a shortage of electricity this summer.
Recently, Mostafa Rajabi Mashhadi, a spokesman for the state-owned utility company, pointed out that it is hoped that electricity consumption throughout the Islamic Republic of Iran will fall before the end of the summer. He pointed out that the decline in electricity demand when the temperature starts to drop will create conditions for the restart of legal digital currency miners.
Earlier, the Iranian government admitted that illegal crypto miners consume more energy. It is estimated that when illegal miners burn up to 3000 MW per day, registered mining entities consume only about 300 MW. Iran’s Ministry of Energy spokesperson Mostafa Rajabi Mashhadi pointed out that unauthorized cryptocurrency mining will affect the power supply. At the same time, the Iranian authorities are pursuing unregistered miners, insisting that they not only use a lot of energy, but also damage the power grid.
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