Iran Bans Crypto Mining to Curb Rising Power Bills

The Islamic Republic has banned the energy-intensive cryptocurrency mining to curb the country’s rising power bills. The country was suffering from several weeks of blackouts this summer, primarily due to a severe drought. The cryptocurrency-mining industry drains around 2 GW of electricity daily from the grid. As a result, the country is taking drastic measures to address its energy crisis. The Iranian government hopes that the ban on crypto mining will prevent future blackouts.

iran bans crypto mining months blackouts

The government of Iran has limited electricity access after a spate of rolling blackouts in several cities last week. The sudden drop in energy consumption is a result of a combination of heat, drought, and the growing demand for electricity from cryptocurrency mining. The Iranian parliament has expressed concern about the security risks of the frequent blackouts and has banned the cryptocurrency mining for several months. The government has also cut off power to four government agencies. Meanwhile, several registered mining farms have stopped operating to conserve energy and lower their power costs.

The Iranian government has limited access to electricity in recent months, as the amount of crypto mining in the country has been increasing dramatically. As a result, Iran has had multiple power outages this summer. The country’s power grid has been hit by unannounced power cuts and the president has blamed the drought on the cryptocurrency mining industry. The ban has led to the suspension of many crypto mining operations, but it is still unclear whether the ban will be permanent.

In the aftermath of the recent blackouts, the Iranian government has banned crypto mining, a large part of the energy-intensive industry. The country is currently suffering from a prolonged drought and is experiencing blackouts due to a lack of energy. The president blamed the blackouts on cryptocurrency mining, which is thought to be responsible for destroying the country’s hydro-electric power grid.

The cryptocurrency mining industry in Iran is consuming more energy than it should. In fact, the government recently banned crypto mining because it is causing widespread blackouts and wasting energy. The energy crisis in Iran was caused by the sporadic nature of cryptocurrency mining. The Iranian government blamed the drought on a lack of hydropower, and the sudden increase in demand for air conditioning in the country led to a shortage of electricity.

The cryptocurrency mining industry is a major source of electricity in Iran. The Iranian government has banned cryptocurrency mining for months to avoid a power crisis. The country’s economy is already in serious trouble and the government has to take immediate action to avoid a power blackout. A recent survey revealed that 85% of all crypto miners were unregistered. The oil exports have fallen 70% since the US sanctions were imposed, and Iran has experienced periods of unrest and civil war.