Iran Bans All Crypto Mining for the Summer: Report
Even authorized miners will have to halt operations until late September.
May 26, 2021 at 8:49 a.m. UTCUpdated Aug 19, 2021 at 9:41 a.m. UTC
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Amid power shortages caused by a lack of rain, Iran is again clamping down on cryptocurrency mining.
- Iran's president, Hassan Rouhani, has said mining operations must cease until Sept. 22 due to the load they place on the national power grid, according to a report from Iran Front Page on Wednesday.
- Rouhani said authorized miners use only 300 megawatts of electricity, while unauthorized operations use around 2,000 megawatts.
- However, the temporary ban applies to all miners, he said.
- The unusually dry spring has left Iran struggling with hydropower shortages that have already prompted clamp-downs on the local crypto mining industry.
- Earlier this month, the energy ministry said miners using domestic power for their operations would face heavy fines and may have to pay damages.
- It's also been reported that the country's intelligence agency has been recruited to track down illegal miners.
- The need to halt all mining may come as a blow to Iran's coffers, since the state has been using locally mined cryptocurrency to bolster revenues amid tough international sanctions.
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