Iran Bans All Crypto Mining for the Summer: Report

Iran Bans All Crypto Mining for the Summer: Report

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.
  • Source