Iran Bans All Crypto Mining for the Summer: Report
26 May, 2021•1 min read•Mining
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.