Iran Bans Cryptocurrency Mining

Iran has banned all cryptocurrency mining for the next four months as widespread power outages have caused public discontent across the country.

President Hassan Rouhani said on Wednesday that all crypto mining activities in Iran would be suspended by the end of the sixth year of the Iranian calendar on September 22.

“Everyone now has a few miners who are laying bitcoins and making bitcoins,” he told a televised cabinet meeting.

Rouhani said that about 300 megawatts of electricity is used in the legal proceedings of corrupt mining in Iran, which is very important.

Thousands of illegal mining equipment have been seized in the past few years, according to officials.

Provinces across the country, especially in the capital Tehran, have experienced rapid power outages that have affected many citizens.

Social media is full of images of how unannounced power cuts have affected surgery rooms, businesses and homes that could strike several times a day.