Dec 29, 2021:The ban on crytopcurrency mining is the second time this year that Iran ordered a shutdown of authorised cryptocurrency mining centres to ease the strain on the country’s power plants.
According to a report by Bloomberg, Mustafa Rajabi Mashhadi, director of the state-run Iran Grid Management Company said that Iran has, for the second time this year, ordered a shutdown of authorized cryptocurrency mining centers as part of efforts to ease the strain on the country’s power plants and avoid blackouts.
Iran’s authorities are also cracking down on illegal mining carried out by both individuals at home and larger-scale industrial units, he added. These unlicensed operators account for the largest share of crypto mining in the country, consuming more than 600 megawatts of electricity.
Iran banned crypto-mining for a time earlier this year amid a series of blackouts in major cities accused of boosting energy-related processes. While the majority of cryptocurrency mining has long been concentrated in China, that changed this year when a nationwide ban sent operators to other countries, especially places offering cheaper electricity. This, in turn, has put pressure on power grids, with countries from Iceland to Kazakhstan imposing sanctions on the industry.
According to a national Iranian Gas Co, Iran’s daily gas demand in the domestic sector rose to a record 570 million cubic meters per day for the first time, while the country “increased” its natural gas production to 800 million cubic meters per day. The excessive demand has forced a reduction in electricity supply to industrial units.
Stay tuned to BaaghiTV for latest news and Updates!
France orders closure of mosque
