Home Crypto Iran confirms second crypto mining ban of 2021

Iran confirms second crypto mining ban of 2021

Iran has announced its second crypto mining ban this year in an effort to conserve more energy during the cold winters. The ban will last until March 9, 2022.

Surviving the winter

The ban will save up to 209 megawatts of electricity. This amount comes only from registered crypto miners, but there are also unregistered crypto miners operating in Iran. It is estimated that this group consumes more than 600 megawatts of power.

Iranian authorities will shut down all miners, making power available to the household sector again to prevent blackouts and ease pressure on Iran’s power plants.

The article emphasized that in addition to banning crypto mining, the government will also take other fuel-saving measures. Iran has found itself once again in a state of power shortage as it failed to produce the expected 60% more electricity in the summer.

Previous crypto mining ban in Iran

Earlier this year, in the month of May, Iran announced a temporary ban on crypto mining due to ongoing blackouts in the region that hampered operations. The ban, which began on May 26 and lasted until September 22, was mainly due to illegal miners in the country.

The Iranian president compared the minimum amount of electricity consumed by registered crypto mining companies with the huge amount of electricity used by the illegal mining companies. He then blamed the unregistered crypto mining industry for the ban.

“The authorized mining of cryptocurrencies does not consume much electricity and only needs about 300 megawatts. However, they are unauthorized cryptominers that consume a lot of electricity; they consume about 2,000 megawatts… As of today, even authorized miners are banned from mining cryptocurrencies until the end of September.’

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version